Crude oil sells at $78.24 as output peaks

OPEC August oil output tops 2018 high: Poll

The moves by the two top buyers of Iranian crude indicate that the Islamic Republic may not be fully cut off from global oil markets from November, when United States sanctions against Tehran's petroleum sector are due to start, it said.

India, Iran's top oil client after China, will finalise its strategy on crude purchases from Tehran after a meeting with top U.S. officials this week, a senior government official told Reuters last week.

There are worries the US sanctions on Iran have already started to have a negative impact, with Iranian oil exports already declining more than expected.

On Friday, global oil bench mark Brent crude fell 35 cents to settle at $77.42 per barrel, while NYMEX-traded USA benchmark West Texas Intermediate (WTI) was down 45 cents for the day to settle at $69.80 per barrel.

"We do not expect oil demand to be materially impacted in the next 6-9 months by economic uncertainty linked to U.S./China trade tensions and recent concerns over emerging markets", he added.

After the correction, crude oil prices once again started moving up in the last two weeks following the latest EIA report on a surprisingly strong decline in crude oil inventories.

The Brent crude oil - the worldwide benchmark for oil prices - was trading at $78.01 per barrel, however, closed trading at $79.38 per barrel.

Lobbyist reaches plea deal connected to Russian Federation and Ukraine work
The goal, prosecutors say, was to influence USA policy, but they say Patten never filed under the Foreign Agents Registration Act. Kilimnik worked closely with Manafort and is a co-defendant in the pending case that accuses them both of witness tampering.

According to Stephen Innes, Asia-Pacific brokerage OANDA's head of trading, the Brent crude oil benchmark's price rise has been supported by the expectation that the upcoming U.S. sanctions are going to lead to constrained markets across the globe.

The US administration has been calling for an global suspension of oil imports from Iran by November 4 and has threatened sanctions against foreign firms who fail to comply.

Britain's Barclays bank said on Tuesday that oil markets had changed since 2017 when worries about rising supply were more evident. Iranian oil exports fell 14 percent in August, according to tanker-tracking data compiled by Bloomberg.

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Meanwhile, trade disputes between the United States and other major economies, including China and the European Union, are expected to hurt oil demand if they are not settled soon.

OANDA's Innes said it was too early to say whether this would happen.

Global oil markets have tightened over the last month, pushing up Brent prices by more than 10% since the middle of August.

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