Tuesday, its highest level in almost four years, after OPEC and Russian Federation refused to up production ahead of USA sanctions on Iran.
In its annual World Oil Outlook, the Organisation of Petroleum Exporting Countries forecast world supply of all hydrocarbons (primarily oil and liquified natural gas) would rise from a current 98.4 million barrels per day (mbd) to 104.5 million by 2023, and 111.9 million by 2040.
A steady rise in USA oil output will gather pace in the next five years, OPEC said on Sunday, predicting that demand for the producer group's crude will decline despite a growing appetite for energy fed by global economic expansion.
LONDON, Sept 24 (Reuters) - Hedge fund managers made only minor adjustments to their overall position in petroleum futures and options in the latest week but continued their rotation out of West Texas Intermediate into Brent.
Falih said attending ministers "showed us that they have spare capacity that they are ready to deploy if there is demand for it, if it is required by any shortfall".
USA using false accusations to intimidate, China says
President Donald Trump had warned Beijing against retaliating by threatening levies on another US$267 billion of Chinese goods. China's state media has portrayed the trade war as a USA effort to constrict China's economic and technological rise.
In an earlier speech at the UN, Trump reiterated calls on OPEC to pump more oil and stop raising prices.
In a tweet last week, U.S. president Donald Trump said that Opec "must get prices down now!" by raising global output.
He also took the opportunity to remind Middle East allies that they would "not be safe for very long" without U.S. protection.
United States commercial crude oil inventories are at their lowest since early 2015 and although USA oil production is near a record high of 11 million bpd, subdued U.S. drilling points towards a slowdown in output. Mr. Trump tweeted Thursday.
Brent for November settlement rose US$1.81 to US$80.61 a barrel on the ICE Futures Europe exchange at 10:47 a.m.in NY.
Pompeo confident U.S. will win China trade war
The targeted Chinese imports will face 10 percent tariffs through the end of the year, and then the rate will jump to 25 percent. It leaves Beijing hitting $110 billion worth of U.S. goods, almost everything China buys from the United States.
Brent was trading up 2.28% at $80.60 a barrel on Monday, while West Texas Intermediate - the US benchmark - was trading up 1.81% at $72.06 a barrel on the New York Mercantile Exchange.
The U.S. remains by far the most important source of medium-term supply growth, contributing. two-thirds of new supply, driven by surging tight oil output, it said.
OPEC projects that "the strongest annual increases are seen in the near-term, in which total US tight oil increases by an average of 1.4 million barrels a day" annually from this year to 2020.
"Saudi Arabia has room to produce more oil to cover". Iran's OPEC representative Hossein Kazempour Ardebili on Sunday said his country was continuing to meet its OPEC quota share. Rapid growth in USA production means that oil stockpiles could expand again next year, but it's too early to say whether the production limits agreed in 2016 would need to remain in place, he said.
UBS, which revised its 12-month forecast for Brent to $85 per barrel in June, said it "would not rule out a spike in oil prices to the $100 per barrel mark" over the coming year, if further supply disruptions materialised.
Paul Pogba slams Manchester United attitude
United ended their weekend match with Wolves 1-1 at home, putting another dent in their hopes of chasing the Premier League crown this season.