Both benchmarks fell for the first time in five weeks, pressured by a big rise in USA inventories and fading concerns about shrinking global supplies due to looming US sanctions on Iran's oil exports.
U.S. West Texas Intermediate crude settled 67 cents, or almost 1%, higher at $74.96/Bbl.
US crude futures rose 37 cents to $71.34 a barrel. Following weather-related developments, crude oil trading volumes accelerated yesterday.
In an attempt to compel Iran to agree to a new accord, Trump reinstated sanctions that targeted the Iranian government's purchase of USA dollars, Iran's trade in gold and other precious metals, and its automotive sector. Demand growth of 1.54 million barrels a day this year will slow to 1.36 million next year.
Trump has demanded that OPEC cool prices by pumping more oil.
Cool Things the Pixel 3 Can Do
Pixel 3 and Pixel 3 XL are now available to pre-order, but Google's new phones do not come cheap. Google Pixel 3 has a 5.5 OLED display with 443ppi with the protection of corning gorilla glass 5.
Torbjorn Tornqvist, CEO of Gunvor, and Weir disagreed with Taylor's price outlook, stating that crude futures could reach $100 or higher either by year end or next year; meanwhile, Alex Beard, chief executive for oil and gas at Glencore, predicted oil would reach $85-$90 per barrel. The International Monetary Fund cut its global economic growth forecasts for 2018 and 2019 on Tuesday, raising concerns that demand for oil may also slump. USA light crude CLc1 was down 15 cents at $74.81. As reported by S&P Global Platts, the analysts predict that while the US pressure on the regime of Maduro would not contain limitations on the USA imports of Venezuelan crude oil, it could contain new restrictions on the USA refined product exports and light oil exports to Venezuela.
Reports emerged in early September that India had given permission to state-owned refiners to import oil from Iran on Iranian tankers using Iranian-backed insurance, after the biggest Indian shipping company backed out of Iran voyages due to the US sanctions.
India's September oil imports were also boosted by the import of 2 million barrels of Iranian oil by Reliance Industries Ltd. Reliance did not respond to a Reuters email seeking comments.
Almost 40 percent of daily crude oil production was lost from offshore U.S. Gulf of Mexico wells on Tuesday due to platform evacuations and shut-ins ahead of Hurricane Michael. OPEC and its allies "are ready and willing to continue to make sure that the market remains well supplied". "As a result, Indian refiners will increase dependence on the remaining Middle Eastern crude oil suppliers (mainly Saudi Arabia and Iraq), aside from Iran", Moody's has said recently.