Oil jumps, then pares gains as Trump pressures Opec again

Iran to continue exporting crude despite fresh US sanctions – official

Iran: US wish to halt Iran's crude exports won't come true

"These two can't happen together", Zanganeh said, alluding to U.S. sanctions on Iran's oil sales set to take effect in November.

The WTI Crude Oil market rallied during trading on Tuesday, but it seems to be struggling with the idea of $73 a barrel.

Trump's remarks came just days after OPEC, Russia and several other oil producers rebuffed his latest call to tamp down crude prices by boosting output.

He said: "OPEC and OPEC nations are as usual, ripping off the rest of the world, and I don't like it, nobody should like it".

The US President has repeatedly blamed OPEC for high oil prices, to which the organization replied that it has no power to control crude prices. The news was bearish for oil, but some analysts expressed skepticism about the efficiency of the mechanism on the grounds that the USA could simply expand the scope of the sanctions to include barter deals between the European Union and Iran.

Daniel Jaeggi, the president of the commodity merchant Mercuria Energy Trading, said that because of the US sanctions against Iran, millions of barrels per day (bpd) of crude oil could be taken out of the market by the end of the fourth quarter this year, making oil prices spike up to $100 a barrel.

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The so-called "OPEC+" group, which includes producers such as Saudi Arabia and Russian Federation, met over the weekend but did not see the need to add new output.

This has managed to put pressure on other countries as well, in efforts to cut them off from Iranian crude oil imports.

Exports of crude oil and condensates have declined by 0.8 million barrels a day (mbd) from April to September 2018, the IIF, which represents major banks and financial institutions from around the world, said. With oil prices hitting a four-year high of $82 per barrel, the U.S. leader slammed the OPEC oil cartel after Saudi Arabia and Russian Federation rejected calls to increase production amid looming United States sanctions on Iran's oil exports.

"Undoubtedly the oil market is expected to be tight in coming months and, if OPEC's own numbers are to be believed, global oil inventories are to fall during the remainder of the year". "Trump blames OPEC for what he has created and caused: the rise of the price of oil and disturbance in the market", Zanganeh said.

"As a result, we expect Brent prices to stabilize back in their $70-80/bbl range into year-end", wrote the analysts.

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