Brent oil remains at its highest level in four years, as US crude recedes

TOKYO (Reuters) – The Brent oil benchmark changed little on Wednesday after reaching its highest level in almost four years in the previous session as US futures contracts tried to ensure the reimposed market to the producer Iran.

Brent LCoC1 futures prices fell 4 cents to 81.83 dollars per barrel to 0342 GMT, after gaining almost 1% in the previous session. Brent rose Tuesday to its highest since November 2014 at $ 82.55 a barrel.

Futures contracts on US CLc1 crude were down 13 cents, or 0.2%, to $ 72.15 per barrel. They rose 0.3% on Tuesday to close at their highest level since July 11th.

The United States will apply sanctions to stop oil exports from Iran, the third largest producer in the Organization of the Petroleum Exporting Countries (OPEC), as of 4 November. higher crude prices.

US officials, including President Donald Trump, are trying to assure consumers and investors that a sufficient number of products will remain available in the oil market while asking producers to increase production.

"We will make sure before the reimposition of our sanctions to a well-stocked oil market," Washington's special correspondent for Iran Brian Hook told a press conference at the United Nations General Assembly on Tuesday evening. .

In a previous speech to the UN, Trump reiterated calls for OPEC to pump more oil and stop raising prices. He also accused Iran of sowing chaos and promised new sanctions against the country.

"Trader's focus remains focused on Brent contracts traded at their highest level in four years," said Michael McCarthy, chief markets strategist at CMC Markets in Sydney.

"The impending sanction of Iranian production not only removes about 1 million barrels a day (bpd), but the potential supply response of an additional 2 million bpd," he said.

The group called "OPEC +", which includes other oil producers, including the largest Russia, as well as Oman and Kazakhstan, has met this weekend to discuss the future of oil and gas. a possible increase in the production of crude oil. add new productions because the market is well stocked now [nL8N1W908R].

Oil prices, however, have been on an upward trend due to supply concerns. Brent is on track for its fifth straight quarterly increase, the longest since the start of 2007, when a six-quarter cycle had hit a record 147.50 dollars a barrel.

At the same time, in the United States, the largest user of oil in the world, an industry report released Tuesday showed that stocks of crude had unexpectedly increased last week.

Crude inventories rose 2.9 million barrels during the week of September 21 to 400, against analysts' forecasts of a decline of 1.3 million barrels, said the American Petroleum Institute. [API/S]

Official stock and refinery figures from the US Department of Energy's Energy Information Administration are expected Wednesday at 10:30 am EDT (1430 GMT).