}); Oil prices continue their gains to remain near their four-year highs

Oil prices continue their gains to remain near their four-year highs

 Oil prices continue their gains to remain near their four-year highs

                                 Oil prices


 Oil prices continue their gains to remain near their four-year highs



Oil prices rose on Thursday in the European market to continue gains for the second session in a row, trading near four-year highs and the record earlier in the session, as the major countries continued to respond to US demands to stop the import and reduction of Iranian oil before the deadline To comply with US sanctions early next month, overshadowed by the impact of the special agreement between Saudi Arabia and Russia to increase production, and the impact of a rise above expectations for commercial crude stocks in the United States.




US crude rose $ 76.30 a barrel from $ 76.21 at a high of $ 76.21 and a low of $ 75.98 by 9:12 GMT.



Brent crude rose to 86.10 US dollars a barrel from the opening level of 85.89 dollars, and reached a high of 86.40 dollars, while the lowest level of 85.74 US dollars.



US crude ended yesterday's trading up 1.6% in its fourth day gain in five sessions, recording a four-year high of 75.06 US dollars a barrel. Brent also rose 1.7% to US $ 86.73 Barrel, the highest since November 2014.



As the deadline for compliance with US sanctions on Tehran approaches on November 4, Iranian oil customers are increasingly reducing their purchases as the UAE cut its purchases of Iranian oil by half in September.



A number of important data for Bloomberg showed that crude oil shipments from Iran, OPEC's third-largest oil producer, dropped to 1.72 million bpd in September, a drop of 260,000 bpd compared to the same month last year.



The total of exported Iranian crude last month was the lowest of Iranian exports since February 2016, especially as the major Asian countries continued to respond to US demands to stop the import and reduction of Iranian oil, led by South Korea and Japan, and India has begun to reduce its purchases of Iranian crude.



With the US sanctions coming into force starting next November, Iran's oil supplies will be further reduced, leading to supply shortfalls in the market. The United States is therefore trying to compensate for the potential shortfall, whether by domestic production or by pressing OPEC and Russia to increase Production and price reduction.



Russian President Vladimir Putin said the sanctions imposed by the United States on Iran were the main reason for the current rise in oil prices.



Saudi Arabia and Russia signed a special agreement in September to increase oil production to stem rising prices before consulting producers within the Organization of Petroleum Exporting Countries (OPEC) and independent producers from outside, the Reuters news agency said on Wednesday.



Saudi Oil Minister Khalid al-Falih said in Moscow on Wednesday that OPEC's largest oil producer is currently pumping about 10.7 million barrels per day (bpd), close to record production and record levels in November 2016.



In the United States, the US Energy Agency said in its weekly report released yesterday that the country's crude inventories increased by 8 million barrels in the week ended September 28, the biggest weekly gain since March 2017, To a rise of 1.1 million barrels, in the second consecutive weekly increase.



According to the data, total US trade inventories rose to 403.9 million barrels, the highest level of stocks in the last five weeks, in a negative sign that weak demand levels in the world's largest oil consumer.



As for US production, the agency reported production stability over the past week with little change to remain at a total of 11.1 million barrels, the highest level of US production ever.