Not Just Crude U.S. Sanctions Hurt Irans Oil Product Flows

Oil prices climb as Iran sanctions loom

Oil prices climb as Iran sanctions loom

USA crude futures rose 61 cents to $69.86 a barrel.

"In addition, there is a risk to growth from an escalation of trade disputes", the agency said.

Brent crude oil spot prices averaged 73 US dollars per barrel in August, down nearly 2 dollars from July.

Oil futures remained higher after the data, with October West Texas Intermediate crude futures CLV8, +0.87% on the New York Stock Exchange up 0.9% at $69.89 a barrel, while November Brent crude LCOX8, +0.25% the global benchmark, rose 0.2% to $79.21 a barrel.

"Oil prices jumped overnight as American Petroleum Institute inventory data showed a large drawdown in inventories", said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

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United States sanctions on Iran's energy industry, which come into force in November, have already cut supply back to two-year lows, while falling Venezuelan output and unplanned outages elsewhere will also keep the balance between supply and demand tight, the IEA said.

NEW YORK, Sept 12 (Reuters) - Oil futures climbed on Wednesday, with Brent reaching $80 a barrel, after a larger-than-expected drop in USA crude inventories and as US sanctions on Iran added to concerns over global oil supply.

Demand for oil grew more slowly in the second quarter, particularly in Europe and Asia but also because of higher gasoline prices in the US, the energy group said.

The EIA's most recent monthly export data shows the USA exported 3.609 million barrels of ethanol in June, primarily to Brazil, Canada and India. USA crude rose $1.65 a barrel to $70.90 after the report was issued.

Russian energy minister Alexander Novak on Wednesday warned of the impact of US sanctions against Iran.

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The IEA forecasts non-OPEC production to grow by 2 million bpd in 2018 and 1.8 million bpd in 2019, characterized by "relentless growth led by record output from the U.S".

"We are entering a very crucial period for the oil market".

Global oil quiz yelp for 2018 and 2019 are unchanged, the IAE reported, closing at 1.four million bpd and 1.5 million bpd, respectively. The U.S. Treasury department in conjunction with the United International locations on Wednesday imposed sanctions on a number one Libyan militia chief for his attacks on necessary oil facilities in June.

In 2018, demand for OPEC crude is expected at 32.91 million bpd, with demand for the second half to average 33.50 million bpd, the monthly market report showed.

In the absence of the November loading schedules, few were likely to be in a position to sell cargoes for those dates, the traders noted.The British oil major has bought at least seven cargoes linked to the swaps market in the last couple of weeks, but was believed to have possibly bought more, they added.

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