IEA: Worldwide Oil Supply Reaches Record High During August

Oil prices climb as Iran sanctions loom

Outside the United States, traders have been focusing on the impact of looming US sanctions against Iran, which will target oil exports from November. The global benchmark earlier reached $80.13 a barrel, its highest level since May 22.

India's Business Line reports, a senior Indian government official was quoted saying that Indian imports of American oil should not be seen as a replacement for Iranian containers.

Oil prices were up on the week, buoyed in earlier sessions by a larger-than-expected draw in USA crude inventories, weakness in the US dollar and a reported fall in US production, Commerzbank said in a note.

This is occurring just ahead of the peak demand period for these fuels, with diesel needed for tractors to harvest crops and the arrival of colder weather during the Northern Hemisphere autumn raising consumption of heating oil.

Outside the United States, traders have been focussing on the impact of US sanctions against Iran that will target oil exports from November.

U.S. crude stocks fell 5.3 million barrels in the week to September 7 to 396.2 million barrels, the lowest since February 2015 and about 3 percent below the five-year average for this time of year, the U.S. Energy Information Administration (EIA) said on Wednesday.

According to Oil Price, US Secretary of State Mike Pompeo has said that the US would consider waivers "where appropriate", but reiterated that the country expects to have Iranian oil exports to "zero".

Benchmark Brent crude LCOc1 futures rose 68 cents to settle at $79.74 a barrel.

Hurricane Florence to 'bring Mike Tyson punch to Carolina coast'
And it led to mixed signals from officials in SC , whose governor had canceled mandatory evacuation for several coastal counties. Some residents were resisting governors' calls to flee the region but remained fearful about the threats posed by the Florence.

The institute reported a slight draw of 1.2 million barrels in the oil inventories for the previous week.

Opec and its allies will meet in Algiers this month to assess global oil markets after having agreed to increase output at their last meeting in June.

Washington on Monday offered 11 million barrels of high-sulphur, or sour, crude from its Strategic Petroleum Reserve (SPR) for delivery from October 1 to November 30.

"As we move into 2019, a possible risk to our forecast lies in some key emerging economies, partly due to currency depreciations versus the USA dollar, raising the cost of imported energy", the agency said.

The Paris-based IEA maintained its forecast of strong growth in global oil demand this year of 1.4 million bpd and another 1.5 million bpd in 2019, unchanged from its previous projection.

Output from OPEC member Iran in August hit its lowest level since July 2016, the IEA said, "as more buyers distanced themselves from Tehran ahead of looming United States sanctions", the report said.

Meanwhile, Hurricane Florence is set to park above the Carolinas coastline, threatening fuel markets along the US East Coast.

Further oil price increases could trigger a slowdown in domestic or global economic growth, which could further complicate the U.S.' Iran policy and Trump's domestic political situation.

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