Oil extended gains near the highest level in nearly four years as investors grapple with doubts over OPEC's ability to replace falling exports from Iran. That's the highest level since November 2014.
Analysts polled by Reuters forecast that us crude stocks rose about 2 million barrels last week ahead of data from industry group the American Petroleum Institute (API) due out at 4:30 p.m. and from the USA government on Wednesday morning.
"If Chinese refiners do comply with USA sanctions more fully than expected, then the market balance is likely to tighten even more aggressively", Emirates NBD analyst Edward Bell wrote in a note.
Head of commodity research at a Swiss bank Norbert Ruecker stated that oil prices continue to go up, supported by the impending Iran embargo and related supply concerns. "At the same time, the U.S. -Mexico-Canada Agreement is also improving the overall sentiment for oil". Since mid-August, WTI has increased around 17 percent. While top traders predict oil may reach $100 a barrel, concerns remain over waning demand as the U.S. -China trade tensions escalate. The contract climbed $1.13, or 1.6 percent, on Friday. Total volume traded was about 55 percent below the 100-day average.
Global benchmark Brent crude oil futures LCOc1 were at $85.28 per barrel, up 30 cents, or 0.4 percent, from their last close. The contract rose $2.25 to $84.98 a barrel on Monday.
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Global trade conditions seemed worsened.
However, China's Sinopec is halving loadings of crude oil from Iran this month, in a sign that pressure from Washington is having an effect. That's the lowest since February 2016.
Meanwhile, the latest Reuters survey showed that the OPEC's production boost in September was limited by the declining Iranian oil imports ahead of the US sanctions that are expected to into effect on November 4.
The two leaders also discussed developments in the region and the world.
"U.S. (fiscal) tightening, higher oil prices and ongoing trade frictions are all taking their taking their toll on the growth outlook", HSBC said.