Oil prices rise, and Barclays sharply revises its forecasts

Oil prices rise, and Barclays sharply revises its forecasts

"Robust demand but, more importantly, the disruptions of oil production from two OPEC producers (Venezuela and Angola) as well as the United States pulling out of the Iran nuclear agreement are the key factors for this outperformance", Justin Smirk, Research Analyst at Westpac noted.

"Hedge funds are starting to be constructive on oil again, which makes sense".

In a speech on June 4, the Leader slammed European governments for expecting the Iranian nation to both tolerate sanctions and give up its nuclear activities, saying that the country can not remain in "nuclear custody" when the sanctions are still in place. "The risks are to the upside, more so than to the downside".

The country pumped 4.64 million barrels a day in August, beating the previous high set two years ago, while exports matched peak levels from 2016, according to a Bloomberg survey and tanker-tracking data.

"It remains unclear whether OPEC will be able to absorb a potentially massive fall in Iranian oil exports due to the USA sanctions", Commerzbank AG said in a note on Monday. The high rig count has helped lift USA crude production C-OUT-T-EIA by more than 30 percent since mid-2016 to 11 million bpd.

Del Potro beats Isner and the New York heat
Isner hit 67 winners to Del Potro's 49 but the victor made just 14 unforced errors to prove too consistent for his good friend. Now he looks ahead to a semi-final where he will either take a 5-11 losing record against Nadal or a flawless 4-0 over Thiem.

"In part, this is because of the USA -dollar's strength, weighing heavily on emerging market currencies, including the yuan, which in turn has pushed up the costs of all dollar-denominated commodities", he added. "That does help that bullish sentiment really take off".

China's first oil futures contract, launched in March, expired on August 31. According to Kilduff, there's a high likelihood the commodity will break $75 within weeks. Longs rose, while shorts fell to the lowest in nearly four months.

But the Cosmo official added that the company has yet to make a final decision on its Iranian crude oil policy as the Japanese government is still in the midst of talks with the USA government to secure an exemption from looming sanctions. The pattern, know as backwardation, signals a tighter market.

Crude oil futures were stable to higher during mid-morning trade in Asia Tuesday, with the Brent futures contract largely unchanged on the back of stable production data from Russian Federation and the NYMEX WTI contract edging higher ahead of the release of weekly USA inventory reports. "We have this really significant bottleneck in the Permian", said John Kilduff, a partner at New York-based hedge fund Again Capital LLC.

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