Updates on Global Oil Prices - Oil prices at four-year high after OPEC rebuffs Trump

25 Sep 2018
Date    : 
24 SEPTEMBER, 2018  

 NEW YORK (Reuters) - Global Benchmark Brent crude jumped more than 3 percent on Monday to a four-year high above $80 a barrel after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.

The Organization of the Petroleum Exporting Countries and non-OPEC states, including top producer Russia, gathered in Algiers on Sunday for a meeting that ended with no formal recommendation for any additional supply boost to counter falling supply from Iran.

Brent crude LCOc1 settled up $2.40 or 3.1 percent at $81.20 a barrel, after touching an intraday high of $81.39, the highest since November, 2014. U.S. light crude CLc1 settled up $1.30, or 1.8 percent, higher at $72.08.

Commodity traders Trafigura and Mercuria said Brent could rise to $90 per barrel by Christmas and pass $100 in early 2019, as markets tighten once U.S. sanctions against Iran are fully implemented from November.
(Source: https://www.reuters.com/article/us-global-oil/oil-prices-at-four-year-high-after-opec-rebuffs-trump-idUSKCN1M401E )

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