Oil Prices Hit $85pb Highest Since 2014

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The news agency on Monday reported that observed shipments of crude and condensate dropped to 1.72 million barrels per day (bpd) in September, down 260,000 bpd from the previous month - the lowest level since February of 2016.

Oil prices edged up on Tuesday, holding near a four-year high reached the previous day as markets adjust to the prospect of tighter supply once the US sanctions against Iran kick in next month.

Brent has climbed about 20 percent from its most recent lows in August. Meanwhile, Brent oil price for December delivery climbed up 2.25 US dollars to 84.98 USA dollars per barrel. That being said, crude oil got a reason to trade with a bullish sentiment.

Meanwhile, the United States and Canada forged an economic alliance on Sunday with the goal to save the North American Free Trade Agreement (NAFTA) as a trilateral deal with Mexico, CNBC said.

Brent and WTI have roughly tripled compared with lows seen in January 2016, when the Organization of the Petroleum Exporting Countries and allies led by Russian Federation started to curb oil supplies to rebalance an oversupplied market.

Brent crude - considered the global benchmark - rose nearly half a per cent to $83.09 (£63.70) per barrel in early trading, after rising as high as $83.32.

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U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 23 cents, or 0.3 percent, at $73.48 a barrel.

Oil prices have historically declined in the last three months of the year as refinery maintenance season feeds concerns over demand for crude, but this fourth-quarter period may prove to be the exception to the norm.

"Already at $80, we are seeing emerging-market local oil prices pretty close to where we peaked a few years ago. the race to protect consumers from further price rises from here could potentially impact demand growth sooner than would otherwise have been expected", Hansen said. The sanctions forbid oil-importing countries and companies from buying Iranian crude, so this could put a squeeze on overall global supplies and make the commodity costlier.

High oil prices make Americans question the Trump administration's work - analyst to RT Surging crude prices are causing rises in USA gasoline prices.

US President Donald Trump spoke to Saudi King Salman on Saturday on ways to maintain sufficient supply.

"Even if they (Saudi Arabia) wanted to bend to President Trump's wishes, how much spare capacity does the Kingdom have?" he asked.