Oil Prices Rally On Supply Worries

Chart showing historical Iraq and Iran oil production

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Benchmark Brent crude, which traded on Monday, was up 80 cents at $78.95 a barrel, having earlier reached a high of $79.72, its strongest since May. United States markets were closed on Monday for Labor Day. At that level, the Shanghai contract had a market share for July of 14 percent, compared with 29 percent for Brent and 57 percent for WTI. "Brent appears to be taking a pause this morning after touching three-month highs", she added.

Production by the Organization of the Petroleum Exporting Countries rose 220,000 barrels per day (bpd) in August to a 2018 high of 32.79 million bpd, a Reuters survey showed. Russia's production in August was estimated at 253,000 b/d above the level envisaged under the initial production cut deal, energy minister Alexander Novak said Monday.

Tottenham's Son Heung-min avoids military duty with Asian Games gold
After the the gold medal match, Son was still searching for words to describe his emotions. "Without them we couldn't win this tournament".

The plant, which had been nearly inactive for the last few years, was re-opened for the production of uranium hexafluoride as a major part of the Uranium Conversion Facility (UCF) in Isfahan. "If there is a serious trade disagreement between the US and China, the Chinese consumption of energy will be impacted negatively, from our point of view and the ability to produce and export will be impacted", he said at the World Heavy Oil Congress.

According to Stephen Innes, Asia-Pacific brokerage OANDA's head of trading, the Brent crude oil benchmark's price rise has been supported by the expectation that the upcoming U.S. sanctions are going to lead to constrained markets across the globe.

"If emerging markets get worse. that will impact crude markets", he said.

Hurricane center identifies possible tropical development
MEXICO CITY Tropical Storm Norman has formed in the eastern Pacific Ocean and forecasters say it could become a hurricane today. The center of the storm is located 1,105 miles ESE of HIlo at 14.2 N 139.4 W, moving west at 12 mph.

In the meantime, the immediate focus shifts to the American Petroleum Institute's (API), an industry group, weekly fuel supply report due at 2030 GMT.

"We are still waiting for Europe to take action on the sale of Iranian oil and the preservation of banking channels", Mohammad Javad Zarif said.

The US said it will persuade countries which now buy Iranian oil to cut imports by as much as 1 million barrels a day when the sanctions take effect in early November.

Pedro, Eden Hazard net as Chelsea defeat Bournemouth
They need to find themselves in new situations and the people around them are looking for those opportunities. Speaking to the BBC after the game, Maurizio Sarri reflected: " I'm really very happy with my players ".

The UK-based global forecasting company wrote in its analysis: "We expect the sanctions to tip the economy back into recession, with GDP now seen contracting by 3.7 percent in 2019, the worst economic performance in six years". Gordon (currently a storm) is expected to develop into a hurricane.

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