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Oil Prices Hit a Four Year High

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo

Reuters: Brent hits new four-year high on Iran supply worries

NEW YORK (Reuters) - Brent crude rose nearly 2 percent after hitting a four-year high on Wednesday as the market focused on upcoming U.S. sanctions on Iran while shrugging off the year’s largest weekly build in U.S. crude stockpiles and reports of higher Saudi Arabian and Russian production.

“Nothing matters between here and Nov. 4,” said Bob Yawger, director of futures at Mizuho in New York, referring to the date when U.S. sanctions take full effect. “You just had the biggest build this year, and the market rallied right through it.”

U.S. crude inventories jumped 8 million barrels last week, quadruple analysts’ expectations and the biggest build since March 2017, the Energy Information Administration said. [EIA/S]

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WNU Editor: Russian President Putin is blaming President Trump for these high oil prices (and Putin is right) .... Putin: Trump Is To Blame For Higher Oil Prices (Zero Hedge). On a positive note, Russia and Saudi Arabia are going to increase their oil output over the objections of Iran .... Exclusive: Saudi Arabia, Russia agreed in Sept to lift oil output, told U.S. (Reuters).

Update: This is a group that I would not want to go against .... Global energy bosses send Trump a message: world needs Russian gas (Reuters).

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