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The oil futures extended Tuesday an uptrend that has pushed the global benchmark to its highest level in four years and put its US counterpart on the path of the longest progression since the end of July.
November Brent
LCOX8, + 1.06%
According to Dow Jones Market Data, the ICE Futures Europe stock market rose 57 cents, or 0.7%, to $ 81.10 per barrel on the ICE Futures Europe Exchange.
November West Texas crude
CLX8, + 0.65%
added 33 cents, or 0.5%, to $ 72.41 a barrel on the New York Mercantile Exchange, following the highest agreement for a contract from the previous month since July 10. A positive close will mark the third consecutive rise in oil is enough to match the longest run since the period ended July 26th.
Oil prices have rallied mainly, boosted in part by President Donald Trump's decision to withdraw from an Iranian nuclear deal in 2015 and renew sanctions against the country, which aim to sharply reduce exports of major producers.
In an interview with NBC News on Monday, Iranian President Hassan Rouhani, who is in New York for the annual meeting of the US General Assembly, said:
"It's an empty threat of credibility. Maybe in this way, we will maintain some pressure, but the United States will certainly not achieve its goal, "he said.
Rouhani also stated that he did not intend to meet with President Trump during his visit to New York, where the President was also part of the United States meetings, where he will deliver a speech. speech at the assembly at 10 o'clock in the morning.
According to the International Energy Agency, Iranian exports fell by around 500,000 barrels a day between April and August, with specific sanctions in the United States taking effect on 4 November.
Rouhani's interview comes after a committee made up of members of the Organization of Petroleum Exporting Countries and non-member crude producers, known as the Joint OPEC-No Ministerial Follow-up Committee. -OPEP, has not submitted an official plan to offset an estimate of 2 million barrels per day of oil that is expected to be lost due to Iranian sanctions.
Energy ministers of Algiers have not been able to reach an agreement on how best to allocate production increases to help address Iran's deficits, defying appeals Trump who tweeted that the OPEC "must get the prices now. "
OPEC and non-OPEC producers, including Russia, agreed in late 2016 to cap global production in order to contain an oversupply of supply that had weighed on crude prices.
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