BRENT crude oil prices rose 0.6 per cent to $80.26 a barrel, up 48 cents above their last close earlier this week on news that US sanctions against Iran's crude exports will bite November 4, reported Reuters.
US West Texas Intermediate (WTI) crude futures CLc1 were at $69.60 a barrel, up 48 cents, or 0.7 per cent giving the world shipping reason to consider updating bunker adjustment factors (BAF).
United States President Donald Trump is trying to reduce Iranian oil exports to zero to force the country to renegotiate an agreement on its nuclear programme, giving the world shipping reason to issue bunker adjustment factors (BAF).
In addition to the potential for rising oil supply, the ongoing Sino-American trade dispute is expected to start dragging on demand.
'The full impact of the US-China trade war will hit markets in 2019 and could act as a considerable drag on oil demand next year, raising the possibility of the market returning to surplus,' said Emirates NBD bank in a note.
US West Texas Intermediate (WTI) crude futures CLc1 were at $69.60 a barrel, up 48 cents, or 0.7 per cent giving the world shipping reason to consider updating bunker adjustment factors (BAF).
United States President Donald Trump is trying to reduce Iranian oil exports to zero to force the country to renegotiate an agreement on its nuclear programme, giving the world shipping reason to issue bunker adjustment factors (BAF).
In addition to the potential for rising oil supply, the ongoing Sino-American trade dispute is expected to start dragging on demand.
'The full impact of the US-China trade war will hit markets in 2019 and could act as a considerable drag on oil demand next year, raising the possibility of the market returning to surplus,' said Emirates NBD bank in a note.