US crude, gasoline stockpiles fell last week

US crude, gasoline stockpiles fell last week

"We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices!"

Continuing declines in supply from Venezuela and Iran remain the main reason for rising crude oil prices.

US crude was on track to end the week up 2.5 percent and Brent to post a 0.9 percent gain.

Oil prices have increased from around $50 per barrel last September, to more than $70 per barrel today, with a rebalancing of the supply and demand disparity in the market, as well as major weather and geopolitical events playing a part.

Crude oil prices are now steady.

OPEC and its allies are scheduled to meet on Sunday in Algeria to discuss how to allocate supply increases to offset a shortage of Iran supplies due to United States sanctions. He was referring to the weekly survey from the oil industry group the American Petroleum Institute (API) on Tuesday that indicated U.S. stocks had risen by 1.2 million barrels last week.

Still, many analysts insist that Trump's demands and OPEC's efforts notwithstanding, crude breaching the $80 threshold is certain: Bjarne Schieldrop, chief commodities analyst at SEB Markets, said, "Brent is definitely fighting the $80 line, wanting to break above, but this is likely going to break very soon".

More news: Fly to the Moon with the CEO of ZOZO

Trump's call to OPEC comes as his country goes to mid-term polls - elections will be held to elect congressmen and senators to the House of Congress.

The majority of OPEC's overall revenue fall next year is due to Iran's expected export plunge, while OPEC's statistics show some other members, especially Iran's Arab neighbors have been raising production and Libya is resuming the output rapidly.

Analysts had forecast a drop of 2.7 Mmbbl, Reuters reported.

U.S. sanctions on Iran's oil exports come into force on 4 November and many buyers have already scaled back Iranian purchases. While by no means overwhelmingly positive, supply has rebounded millions of barrels from the releases of last Tuesday/Wednesday. Perry credits the two countries with averting a "spike in oil price". The fears of lack of supply from Iran and then Saudi Arabia happy to see oil at $80 sent it moving higher.

According to AAA, the current national average pump price per gallon of regular gasoline is $2.843, up less than a penny from $2.839 a week ago and virtually unchanged compared with the month-ago price.

In staying away from the meeting, Zanganeh could complicate plans by OPEC to institutionalize its partnership with Russian Federation and the other non-OPEC participants in its supply accord.

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