Crude prices are spiking

But a meeting of OPEC and non-OPEC energy ministers in Algiers ended without any formal recommendation for a supply boost.

Those fears have sent crude oil prices higher, with commodity traders Trafigura and Mercuria predicting prices could rise to more than $100 a barrel by early next year.

Saudi Arabia leads the Opec oil cartel, while Russian Federation is the biggest oil producer outside the group.

At 0840 GMT, Brent North Sea crude for delivery in November soared to a peak of $80.94 per barrel.

Prices picked up a bid after OPEC snubbed the US President Trump's demand for lower oil prices. "We will remember. The OPEC monopoly must get prices down now!" he tweeted.

"The market does not have the supply response for a potential disappearance of 2 million barrels a day in the fourth quarter", Jaeggi said in a speech at the S&P Global Platts Asia Pacific Petroleum Conference (APPEC) in Singapore.

One problem is the uncertainty over how much oil will be lost when the US -led sanctions against Iran begin in November. WTI crude, the benchmark North American contract, was up 1.7 per cent at $72 USA a barrel.

Arsenal's Petr Cech answered critics in victory over Everton - Unai Emery
It leaves Everton , also under a new coach in Marco Silva, with just one win in six games. Torreira completely deserved to be given his first start of the season for Arsenal .

Labour may campaign for second Brexit poll
The party leaders would prefer for a general election to be called to give Labour the chance of taking over Brexit negotiations. More than 100 constituency parties submitted motions demanding a second referendum at the conference in Liverpool.

Supreme Court nominee's accuser willing to testify 'if terms are fair'
Ford's attorneys issued a statement saying there are multiple witnesses that need to be interviewed, not just Ford and Kavanaugh. Lawyer Debra Katz writes that Ford's "strong preference" remains a full investigation before she testifies.

"The biggest issue is not with the producing countries, it's with the refiners, it's with the demand". "The reason Saudi Arabia didn't increase more is because all of our customers are receiving all of the barrels they want".

Speaking to Bloomberg, Zanganeh warned that some oil producers are trying to create an alternative suppliers' forum that supports US policies hostile to the government in Tehran. -China trade war and supply, especially from the US, was seen sufficient in the next 12 months, said Janet Kong, BP Plc's head of trading in Asia.

"It's going to be significantly less than it was, and probably lower than most people expected when the sanctions were announced - hence the higher prices", Luckock said at the APPEC event.

Looking ahead, crude oil prices await the release of US Energy Information Administration and Department of Energy inventory figures later this week.

But once the US sanctions on Iran take full effect, it will become clearer whether the Saudis are correct that the market is well-supplied, or whether the traders have picked a victor in tipping higher prices.

"Were they do so the oil market would be even more uncomfortably tight than we forecast for 2019 as spare capacity is eroded", Mr Bell added.

Related News:

  • Dallas Police Fire Officer Who Killed Botham Jean In His Own Home

    Dallas Police Fire Officer Who Killed Botham Jean In His Own Home

    Police had been criticised for not immediately identifying the officer that killed Jean, who the mayor called a "model citizen". Hall's chief of staff said the investigation had been put on hold until the criminal charges she faced were resolved.
    Samsung launches Galaxy J6 Plus, J4 Plus

    Samsung launches Galaxy J6 Plus, J4 Plus

    Here are the details on how to watch livestream of the Galaxy A7 launch event, expected price, specifications , features etc. The J6 Plus features 13 MPs and 5 MP dual rear and 8 MP front camera while J4 Plus has a 13 MP rear and 5 MP front camera .
    IPhone XS, XS Max: First Impression

    IPhone XS, XS Max: First Impression

    But it has more colour options than the premium models, being available in white, black, blue, yellow, coral and red. While the based models of iPhone XS and XS Max starts at a whopping $999 and $1,099 price tags, respectively.
  • Now that Kavanaugh has a second accuser, what do Senate Republicans do?

    Ramirez now claims this man was Kavanaugh , though she admits there are "significant gaps in her memories". Mr Grassley turned down Ms Ford's request that only senators, not lawyers, be allowed to ask questions.
    Space hoppers hitch ride on an asteroid

    Space hoppers hitch ride on an asteroid

    The cautious announcement came after a similar JAXA probe in 2005 released a rover that failed to reach its target asteroid. Tomasz Nowakowski is the owner of Astro Watch, one of the premier astronomy and science-related blogs on the internet.

    Israel accused after Russian spy plane lost over Syria

    President Vladimir Putin initially struck a reconciliatory note, blaming the downing on a "chain of tragic, fatal circumstances". Earlier in the war, Russian Federation suspended a supply of S-300s, which Israel feared Syria could use against it.
  • Trump says he'll rid DoJ of 'lingering stench'

    Trump says he'll rid DoJ of 'lingering stench'

    Not long after those reports, Trump said McCabe "never took notes" in meetings and suggested that his memos were "fake". Any dismissal could affect Mueller's Russian Federation probe given that Rosenstein still oversees Mueller's work.
    Brett Kavanaugh Accused of Sexual Misconduct By a Second Woman - Hit & Run

    Brett Kavanaugh Accused of Sexual Misconduct By a Second Woman - Hit & Run

    The 53-year-old opened up about Kavanaugh's alleged inappropriate behavior in an interview with Ronan Farrow for The New Yorker. Telling other Democrats on the Senate Judiciary Committee could risk outing Ford, who had asked that her identity be protected.
    Paul Pogba: Manchester United must 'attack, attack, attack' more at Old Trafford

    Paul Pogba: Manchester United must 'attack, attack, attack' more at Old Trafford

    Mourinho's men now trail Premier League leaders Liverpool by eight points and still have to face their bitter rivals twice. We know that Alexis Sanchez can bring a lot and I'm sure he will.
  • Corbyn: I will be bound by party decision on second referendum

    Corbyn's second in command, finance spokesman John McDonnell repeated that Labour was getting ready for an election. Brexit minister Dominic Raab again ruled out a new vote, describing the suggestion as "for the birds".
    3D Gun Advocate Accused of Sex With Minor Is Jailed in US

    3D Gun Advocate Accused of Sex With Minor Is Jailed in US

    He was deported back to the U.S. from Taiwan on 22 September, having travelled there after a warrant was issued for his arrest. The lawsuit by mostly Democratic state attorneys general argued that such weapons could be used by criminals or terrorists.

    White House Slams Second Allegation of Sexual Misconduct by Kavanaugh

    Kavanaugh has denied both accusations , as has The White House, which continues to support his Supreme Court nomination. Kavanaugh also has agreed to testify at the Senate Judiciary Committee hearing planned for 10am (1400 GMT) on Thursday.


Most liked

Real Madrid will 'categorically refuse' U.S. La Liga game - Florentino Perez
Lopetegui praised the 25-year-old for taking his opportunity, saying: "Mariano came on later, his chance came and he took it". The Whites had a few headaches to worry about on the night, majority being from a defensive point of view.

Kawhi Leonard Laughs At Raptors' Media Day: "I'm A Fun Guy"
DeRozan was a fan favourite in Toronto, but struggled repeatedly at times in the playoffs. Leonard played only nine games for the Spurs last season because of a quad injury.

'Absolutely not fake': Rare, venomous, two-headed snake found slithering in backyard
An "exceptionally rare" two-headed venomous snake has been found in a woman's backyard in northern Virginia. The reptile is not open for public viewing yet.

Graham says Kavanaugh accusations aimed at delay
They said in the statement that Ramirez never described the incident until after Kavanaugh was nominated to the Supreme Court . Ford, and afford her the right to be heard, Feinstein chose to sit on the letter until after Judge Kavanaugh's hearings.

Attack aftermath: Iran president says USA wants to cause insecurity
Tehran believes that Saudi Arabia is behind the attack, encouraged by the United States and Israel . Iranian leaders accused the United States of complicity in the attacks in Ahvaz.

Jimmy Garropolo Left With An Apparent Knee Injury Against The Chiefs
He scrambled all the way back outside the 49ers' 20-yard line before hitting Chris Conley on this absolutely remarkable touchdown. After gaining 13 yards, Garoppolo had the choice between stepping out of bounds or staying in and taking a hit from a defender.

Michael Kors Nears Deal to Buy Versace for Around $2.35 Billion
Versace , known for its flamboyant style and Medusa-head logo, hired CEO Jonathan Akeroyd in 2016 from Alexander McQueen. Blackstone also declined comment according to Reuters .

Indonesian teenager rescued after drifting 7 weeks at sea
The Indonesian consul general office in Osaka took this photo of Mr Aldi leaving his rescue ship when it landed him in Japan . The rafts are anchored with ropes and Aldi Adilang said strong friction caused them to break.

Oil jumps as market tightens, more gains seen
Iranian Oil Minister Bijan Namdar Zanganeh said Iran will definitely veto any decision which threatens its interests. People look at flags ahead of the OPEC Ministerial Monitoring Committee in Algiers, Algeria September 22, 2018.

New Amazon Echo Dot - UK price, release and everything new from Amazon
The device is powered through your ride's 12v power outlet or via USB and connects to your stereo using a 3.5mm jack or Bluetooth. Amazon's hugely popular Echo Dot has got a refresh the update announced at the company's big September keynote in Seattle.

Pompeo: US Would Win Trade War with China
Economists warn that a protracted dispute will eventually stunt growth not just in the USA and China but across the broader global economy.

Volkswagen's Porsche drops diesel in electric vehicle push
Porsche has officially ended production of its diesel vehicles , instead shifting its focus to e-mobility. For the sportscar manufacturer diesel "has traditionally played a subordinated role", the statement said.

Bill Cosby to learn his fate: 30 years, probation, or middle ground
Cosby will be sentenced at Montgomery County Court of Common Pleas and the 81-year-old is facing 30 years in prison. In June 2017, she described being given pills that left her "frozen" and unable to stop Cosby from assaulting her.

Labour: New Brexit referendum only on 'nature' of a deal
But with Brexit negotiations rapidly heading nowhere as the March 29 deadline looms, party members are demanding action. The decision comes amid the party's annual conference now taking place in Liverpool, with Brexit dominating the agenda.

Iran warns US, Israel of revenge after parade attack
Semi-official news agency Mehr said further shooting broke out as some of the attackers who managed to escape were being chased. Iran faces pressure to swiftly respond to the high-profile attack, which has hurt the security establishment's prestige.