OIL: Oil Summary at European Close: Crude Rises
Crude has risen as optimism around US-Iran diplomatic efforts has eased following more hardline rhetoric from Iranian officials in recent hours, though eased back from daily highs after a senior Iranian official told Reuters that Tehran was reviewing a US response to its proposal. * Brent NOV 26 up 1.9% at 101.14$/bbl * WTI NOV 26 up 0.9% at 91.29$/bbl * Rubio said that if there is to be a deal with Iran, it would require hard work and time and that Tuesday talks with Iran were positive but not a breakthrough. A senior Iranian official told Reuters that Tehran is reviewing a US response to its proposal to end hostilities but said many differences remain between the two sides. * Iran's General Rezaii: "If the United States does not comply with the seven conditions set by Iran, neither the Strait of Hormuz will be opened, nor will we engage in negotiations Iran has not been in a hurry to negotiate; today, Iran's conditions have been compiled and are currently in the hands of the Qatari and Pakistani parties." * Yesterday Saudi Arabia was preparing to resume crude oil exports from having restarted the East-West pipeline at a low rate,
Crude has risen as optimism around US-Iran diplomatic efforts has eased following more hardline rhetoric from Iranian officials in recent hours, though eased back from daily highs after a senior Iranian official told Reuters that Tehran was reviewing a US response to its proposal. 29$/bbl * Rubio said that if there is to be a deal with Iran, it would require hard work and time and that Tuesday talks with Iran were positive but not a breakthrough. A senior Iranian official told Reuters that Tehran is reviewing a US response to its proposal to end hostilities but said many differences remain between the two sides.
" * Yesterday Saudi Arabia was preparing to resume crude oil exports from having restarted the East-West pipeline at a low rate, 26. Traders said there were already signs of tankers arriving at Yanbu. * Sentinel imagery from Sep. 22 shows one vessel of around Aframax size at the Ras Al Ma'ajjiz loading terminal at Yanbu.
-Nov. delivery to Asian buyers, traders told Bloomberg. * Iraq exported 70mbbl of oil in August and is currently exporting more than 3mb/d, Oil Minister Basim Mohammed said. * Libya's Sharara oil field production is down to 80k-90k b/d, NOC said cited.
The declaration of a force majeure is an option open to NOC, the chairman said. * Chinese oil imports so far in September are running at just under 7m b/d, according to Vortexa data cited 's Javier Blas. 96mb/d, but remained 13% below pre-conflict levels, * The European Commission will meet with member states as part of its oil coordination group on Sep. 29 to discuss ongoing risks to supply, a spokesperson told Bloomberg.
* US crude inventories for the week to Sep 18 showed an unexpected increase of 3mbbl.