Oil prices at four-year high after OPEC rebuffs Trump

United States light crude was $1.25 higher at $72.03.

As always, quantifying that cost is hard, but the co-head of oil trading at Trafigura, Ben Luckock, on Monday told the Asia Pacific Petroleum Conference, hosted by S&P Global Platts, that a price of $90 a barrel by Christmas and $100 by New Year was possible.

Iran says no country can ever compensate for its missing oil supplies to markets in case the US materializes its threat to bring the Islamic Republic's oil exports to zero with a top official saying that US President Donald Trump would sooner or later have a change of heart over his campaign to the same effect.

He added that Russian Federation had not much extra oil left to supply to markets to compensate for a possible halt in Iran's exports once the USA sanctions came into effect. Money managers' wagers on higher Brent crude prices are having their longest streak since November 2017, according to ICE Futures Europe data.

Saudi Energy Minister Khalid Al Falih also ruled out the need to use spare capacity to increase oil output.

Benchmark Brent crude hit its highest since November 2014 at $80.94 per barrel, up $2.14 or 2.7 percent, before easing back to around $80.65 by 1000 GMT.

Democrats know of second Kavanaugh claim, New Yorker reports
As he builds a case for his innocence, Mr Kavanaugh plans to turn over to the committee calendars from the summer of 1982. Kavanaugh has also agreed to testify at the Senate Judiciary Committee hearing planned for 10 a.m. on Thursday.

Baker Mayfield leads Browns to 1st win in 635 days
The Bud Light Victory Fridges opened Thursday night after the Browns won for the first time in almost two years. Mayfield was 17-of-23 for 201 yards on the way to the win and he also caught a two-point conversion.

Accuser of Trump's high court nominee willing to testify: email
This isn't the first time allegations have come up during a Supreme Court confirmation hearing. A lawyer for the woman accusing Brett Kavanaugh , President Donald Trump's U.S.

"We're on the verge of some significant volatility in Q4 2018 because depending on the severity and duration of the Iranian sanctions, the market simply does not have an adequade supply response for a 2 million barrel a day disappearance of oil from the markets", Jaeggi said.

In its annual World Oil Outlook, the Organisation of Petroleum Exporting Countries forecast world supply of all hydrocarbons (primarily oil and liquified natural gas) would rise from a current 98.4 million barrels per day (mbd) to 104.5 million by 2023, and 111.9 million by 2040. "We in Saudi Arabia have not seen demand for any additional barrel that we did not produce".

OPEC leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, on Sunday effectively rebuffed a demand from Trump for moves to cool the market.

"OPEC is struggling to battle through a ideal storm of strong demand and bigger-than-expected supply losses", said Daniel Hynes and Soni Kumari, Commodity Strategists at ANZ Bank last week.

Kazempour Ardebili said the unfavorable conditions for the implementation of US oil sanctions against Iran could eventually forced US President Trump to show a certain level of flexibility.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.

Related news:

Hot News

isis-killer-beheading-video-story-top Timberwolves sign Towns to extension
Sep 24, 2018 - 18:57
Butler will be a free agent next summer and the T-Wolves owner is not prepared to lose him for nothing. He took home Rookie of the Year honors that year, and made his first All-Star Game this past season.

isis-killer-beheading-video-story-top China: Beijing to Cut Tariffs on Imports From Most Trading Partners
Sep 24, 2018 - 18:42
The predatory practices, the US says, are part of China's relentless drive to challenge American technological dominance. There's not much he can do about paying the 10 percent duty, or $30,000, on those vehicle-lighting parts.

isis-killer-beheading-video-story-top Deputy Attorney General Rod Rosenstein reportedly resigns
Sep 24, 2018 - 18:24
The deputy AG was on his way to the White House - expecting to be fired - Monday morning as Trump was at the UN. Rosenstein resigned "in anticipation of being fired by President Donald Trump ", according to Axios' report .

isis-killer-beheading-video-story-top Simplicity the key with changes to FedExCup Playoffs finale
Sep 23, 2018 - 05:54
Pazder said the tour applied the new model to the previous 11 years and the same player won every FedEx Cup except for 2011. The fans? Well, you can bank on them tuning in more to see who that money may be going to, not how much.

isis-killer-beheading-video-story-top Jimmy Butler trade rumors: 10 potential landing spots
Sep 23, 2018 - 05:40
On Saturday night, one of those things reached its conclusion, as Towns is slated to become a rich man. Butler rejected an extension offer of four years from the Timberwolves earlier this offseason.

isis-killer-beheading-video-story-top Imran Khan performs Umrah in Saudi Arabia
Sep 23, 2018 - 04:29
Pakistan Rangers also extended help in efforts to locate the soldier's body", said the FO statement issued on Friday night. The government also directly targeted Imran on Friday following the murders of three Kashmiri policemen.

isis-killer-beheading-video-story-top Unai Emery I have a plan to improve Arsenal's leaky defence
Sep 22, 2018 - 04:42
It is a little bit frustrating but I keep calm and work very hard to improve. We need to because we are going to play a lot of matches.

isis-killer-beheading-video-story-top Sushma to meet Pakistan’s Foreign Minister in NY
Sep 22, 2018 - 03:36
When the government of India talks about policy on Pakistan, it sounds like an oxymoron, a contradiction. Since then, India had stated that " terror and talks can not go together".

isis-killer-beheading-video-story-top Flooding on tap for SC , a week after Florence
Sep 22, 2018 - 03:01
The storm has resulted in the deaths of at least 32 people, 26 in North Carolina, according to Gov. He warned South Carolinians to not drive over roads covered with water.

isis-killer-beheading-video-story-top Conservatives eyeing midterm elections stand by Kavanaugh amid sexual assault allegations
Sep 22, 2018 - 02:46
He also claimed Judge Kavanaugh was "under assault by radical left wing politicians who don't want to know the answers". Court of Appeals for the District of Columbia Circuit. "He remains committed to providing a fair forum for both Dr.

isis-killer-beheading-video-story-top Mourinho confirms two players to miss Wolves clash through injury
Sep 22, 2018 - 02:24
Rojo did play for the U23's last week but is still not ready for first team action just yet. He's not going to stop me, he lets you play, and that's one of the criticisms.

isis-killer-beheading-video-story-top Crisis? What crisis? Klopp unconcerned by Salah form
Sep 22, 2018 - 02:24
People say you are a world class player BUT... you still have to defend like in the first game of your career. It wasn't like he finished last season, but he needed time last year and he will take time this year.

isis-killer-beheading-video-story-top FBI Does Not Want to Investigate the Kavanaugh Accusations
Sep 22, 2018 - 00:46
Susan Collins (R., Maine) wants each to testify under oath before the committee, and to answer questions from opposing counsel. She also has questioned the speed of the hearing and the fact that there will be only two witnesses, Kavanaugh and Ford.

isis-killer-beheading-video-story-top Girl bitten in second shark attack at Australian harbour in 24 hours
Sep 21, 2018 - 04:27
A rescue helicopter that scrambled to pick her up was just 15 minutes away from the scene due to an earlier operation. There's been a second shark attack in less than twenty-four hours at The Whitsundays region in North Queensland.

isis-killer-beheading-video-story-top Kim to shutter nuclear site if USA takes steps
Sep 21, 2018 - 04:24
Following Kim's summit with South Korea president Moon Jae-in, where President Trump said "tremendous progress" was made, U.S. South Korean President Moon Jae-in and North Korean leader Kim Jong Un pose for photographs on the top of Mt.