Oil prices surge to near four-year high

Oil prices surge to near four-year high

Futures in London rose as much as 2.7 per cent. OPEC and its partners gave a tepid response to President Donald Trump's demand that rapid action be taken to reduce prices, saying they would boost output only if customers want more cargoes.

Kazempour said that he viewed Washington's increased political pressure on Iran and OPEC "something which can not be accepted".

Oil prices LCOc1 have been rising since early 2017, when the Organization of the Petroleum Exporting Countries (OPEC) together with other suppliers including Russian Federation started withholding output to lift crude values.

For consumers, that could mean higher gas prices on the way, but it's good news for Canadian oil producers and helped boost stock prices in Toronto today.

At 0840 GMT, Brent North Sea crude for delivery in November soared to a peak of $80.94 per barrel. Brent could rise to US$100 for the first time since 2014 as the market braces for the loss of Iranian supplies due to USA sanctions, according to Mercuria Energy Group Ltd. and Trafigura Group. "We will remember. The OPEC monopoly must get prices down now!" he tweeted.

One is Venezuela, which has been faced with a sharp fall in production amid a deepening economic crisis and the threat of United States sanctions.

"Fears that supply will be hit when the U.S. sanctions on Iran kick in come November are pushing up oil prices". The biggest source of new global supply, USA shale, is also experiencing growing pains as pipeline bottlenecks and workforce issues hamper growth.

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Oil prices have jumped to the highest level for almost four years after Saudi Arabia and Russian Federation ruled out any immediate increase in production.

We could see those OPEC countries with available spare capacity led by Saudi Arabia, to increase production a little, but this should not completely offset the oil lost from the drop in Iranian exports.

Crude oil price curves are now in backwardation, with front-month contracts more expensive that later-dated futures.

"I do not influence prices", Saudi Energy Minister Khalid al-Falih told reporters on Sunday. That suggests OPEC's power to influence the market will be tempered by USA production for about another decade.

Bank of America's main scenario is for oil prices next year of around US$80 a barrel, according to the note.

However, the word from traders and refiners at the industry's annual gathering in Singapore this week is that the market starting to look short of necessary barrels, and prices are likely to head higher.

"Balances are precarious and the lack of spare capacity could see crude pricing well above US$90 or even US$100, should all of the potential risk in the market materialize", analysts including Ed Morse said in the note.

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