Crude oil higher as weather and Iranian supply in focus

OPEC August oil output tops 2018 high: Poll

Given the current upside momentum, this price level could easily be achieved later today especially if additional U.S. Gulf oil operations are shutdown once the hurricane's path and strength are determined.

Oil prices rose on Tuesday, with U.S. crude breaking through $70 a barrel, after the evacuation of two Gulf of Mexico oil platforms in preparation for a hurricane.

International Brent crude futures fell 37 cents, or 0.5 percent, to $77.80 a barrel.

"In part, this is because of the US -dollar's strength, weighing heavily on emerging market currencies, including the yuan, which in turn has pushed up the costs of all dollar-denominated commodities", he added. Japan's Fuji Oil Co. has effectively stopped buying crude from the Persian Gulf state because it's becoming hard to secure a ship to transport oil, according to a company spokesman.

U.S. light crude traded at $70.60 a barrel by 7.45am GMT, up 80c from its close on August 31.

Anadarko Petroleum Corp said on Monday it had shut oil and gas production at two oil platforms in the Gulf of Mexico ahead of the approach of Gordon, which is expected to come ashore as a hurricane.

Easy for United to turn things around: Herrera
After that goal we had the high press, we were playing it quicker, moving in behind and punishing them when we needed to. The resultant lack of game-time eventually cost him a place in the 2018 World Cup winning French squad.

Energy expert John Kilduff counts Iran sanctions as the top reason West Texas Intermediate (WTI) could climb as much as 30 percent by winter, and that could spell $4 a gallon unleaded gasoline at the pumps.

Money managers raised bets on rising Brent crude prices by the most since 2016 after three weeks of cutting wagers.

India's move follows China, which too continues buying Iranian crude, relying on vessels owned by National Iranian Tanker Co (NITC).

"All of Iran's oil customers are affected by increasing USA pressure to halt purchases, even as they request for concessions to cope with the consequences", said Den Syahril, a senior analyst at industry consultant FGE.

On the impact of the loss of Iranian crude barrels in the market as a result of the USA sanctions, Tchilinguirian said that although an initial supply gap was likely to emerge, given average inventory levels in the OECD, the oil market was expected to resolve the supply gap through higher prices. The high rig count has helped lift USA crude production C-OUT-T-EIA by more than 30 percent since mid-2016 to 11 million bpd.

India wants to continue buying oil from OPEC member Iran as Tehran is offering nearly free shipping and an extended credit period. The bank also said it expects Brent to average at $75 per barrel, a huge jump from its prior prediction of $55 per barrel. Iran's oil exports are plummeting, as refiners scramble to find alternatives ahead of a re imposition of US sanctions in early November.

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