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Oman crude touches new four-year high

Oman Crude
Oman Crude
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Muscat: The Oman crude has touched the new high on Tuesday to trade at the highest levels over the last four years.


Oman crude (November delivery) on Dubai Mercantile Exchange traded at $82.53 at the close of September 25, an increase of  2.51 from previous day.


Brent crude futures LCOc1 rose to $81.69 a barrel shortly after 6am GMT, a level not seen since November 2014.


Major oil trading houses are predicting the return of US$100 crude for the first time since 2014 as OPEC and its allies struggle to compensate for US sanctions on Iran’s exports, reported the Financial Post.


With Brent crude already jumping to an almost four-year high on Monday, that’s exactly the kind of price surge President Donald Trump has been seeking to prevent by pressuring the Organization of Petroleum Exporting Countries to raise production. Yet the cartel and its allies gave mixed signals at a meeting in Algiers on Sunday, ultimately showing little sign they would heed US demands to rapidly push down crude prices, the Post said.


OPEC’s reticence, combined with signs of accelerating supply losses from Iran, created a bullish mood the annual gathering of the Asian oil industry, traders, refiners and bankers in Singapore on Monday, the report said.


“The market does not have the supply response for a potential disappearance of 2 million barrels a day in the fourth quarter,” Mercuria Energy Group Ltd. co-founder Daniel Jaeggi said in a speech at the S&P Global Platts Asia Pacific Petroleum Conference, knows as APPEC. “In my view, that makes it conceivable to see a price spike north of US$100 a barrel,” the Post  said.


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