Oil price leaps to $74 per barrel as USA inventory drops

US President Donald Trump said various trade talks would take time signalling a major breakthrough in US-China trade talks was unlikely

Traders said the supply versus demand outlook for oil markets was relatively tight because of the looming USA sanctions against Iran, which will target oil exports from November. West Texas Intermediate, the USA benchmark, was up 1.9 percent to $67.09 per barrel. US light crude was 60 cents higher $68.43, heading for a gain of 3.8 percent this week.

In its report obtained by Vanguard, yesterday, the American Petroleum Institute stated that United States crude stocks fell last week by 5.2 million barrels.

The worldwide benchmark for crude oil, Brent International's futures contract for October delivery was trading at $72.60 per barrel, which was an increase of $0.39 cents.

Traders said the supply versus demand outlook for oil markets was relatively tight because of the looming USA sanctions against Iran, which will target oil exports from November.

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Oil prices rose 2% on Wednesday, with Brent crude futures hitting a two-week high, after data showed a larger-than-expected draw in U.S. crude inventories due to strong refiner demand and as United States sanctions on Iran signaled tightening supplies.

Concerns also remain over how much oil will be removed from global markets by renewed sanctions on Iran, despite worries that demand growth could weaken amid a trade disputes between the USA and China, the world's two biggest economies.

This is according to the OPEC revenues fact sheet report, published by the US Energy Information Administration (EIA) on Tuesday.

Global oil prices slipped on Thursday, weighed down by the escalating trade dispute between the United States and China, although a decline in U.S. commercial crude inventories offered some support.

Trump Rails Against Mueller Calling Obstruction a 'Phony Crime'
The president asserted that he'd given McGahn "approval" to meet with investigators and sought to discredit Mueller and his team. President accuses Democrats of using the special counsel to impact midterm elections; Kevin Corke reports from the White House.

Iran is the third-biggest producer in the Organization of the Petroleum Exporting Countries, supplying around 2.5 million barrels per day (bpd) of crude and condensate to markets this year, equivalent to about 2.5 percent of global consumption.

Futures in NY were little changed after capping a five-day run of gains yesterday.

A weaker USA dollar makes oil, which is priced in dollars, less expensive to buyers in other currencies.

Hedge funds and other money managers cut their bullish wagers on USA crude futures to the lowest level since mid-June.

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Even tho they've been giving away my music for free for years & I am one of the top Spotify artists of all time. I'm supposed to keep letting these ppl get money to bully me behind the scenes & not say anything.

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