Oil price climbs above $80

Oil Reaches Highest Since Late 2014 After US Surplus Shrinks

Trump's decision spooked the market, even though it was widely anticipated, because it comes at a time when the oil supply-demand balance is tightening.

Global benchmark Brent crude for July delivery fetched around $78.25 per barrel in late London session on Wednesday, compared with $77 around the same time last week.

Global efforts to reduce air pollution has lifted the hopes of oil traders, as new shipping regulations are expected to boost demand for lower sulfur fuels, raising demand for crude, as the bank's analysts report.

The sanctions against Iran reinstated by US President Donald Trump raise two all-important questions that have no convincing answers.

He said Iranian oil sales could plunge by 300,000 to 500,000 bpd in the next six weeks as well, after US President Donald Trump's decision this month to withdraw from an worldwide nuclear deal with Iran and revive sanctions that could limit crude exports from Opec's third-largest producer.

The prospects of a drop in Iranian oil exports due to sanctions imposed by the United States after pulling out from the Iran nuclear deal has moved the prices northwards.

"The geo-political noise and escalation fears are here to stay", said Norbert RŶcker, Head of Macro & Commodity Research, at Swiss bank Julius Baer. "We continued to receive support from concerns about supply from the Iranian nuclear accord, Venezuela.as well as the draw in crude", McGillian said.

Global inventories of crude oil and refined products dropped sharply in recent months owing to robust demand and OPEC-led production cuts.

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He's referring to the fact that first-quarter production levels for various producers outside the USA, and globally, fell short of forecasts made by the International Energy Agency.

"OPEC and Russian Federation have been implementing their policies efficiently", Pouyanne said, referring to the Organisation of the Petroleum Exporting Countries' efforts to clamp down on supply.

Some analysts said sanctions could wipe 1 million barrels per day of Iranian crude off the market, while others said the impact would be limited to fewer than 500,000 barrels a day.

"ICE Brent and NYMEX WTI futures prices rose to multi-year highs in recent days, and both are up by more than $10/bbl since the start of the year".

However, high oil prices could hit consumption, the International Energy Agency (EIA) warned on Wednesday, lowering its global oil-demand growth forecast for 2018 to 1.4-million from 1.5-million barrels per day (bpd).

USA crude oil production has soared by more than a quarter in the last two years, to a record 10.72 million barrels per day. But, he added, he does not believe the market is near balance and, largely due to pipeline bottlenecks in the U.S., not enough oil is coming onto the market.

But at this early stage in the US-Iran confrontation, another, even more important, economic question is worth considering: What will the US sanctions do to the price of oil?

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