On the other hand, in its latest report, the U.S. Energy Information Administration announced that it forecasted the U.S. crude oil production to rise by 840 barrels per day to 11.5 million bpd in 2019 compared to the previous estimate of a daily increase of 1.02 million barrels.
With Middle East crude markets also tightening because of the USA sanctions against Iran, many Asian refiners are seeking alternative supplies, with South Korean and Japanese imports of US crude hitting a record in September.
Oil prices have surged to within an inch of $80 (£61) a barrel as Hurricane Florence nears the U.S. east coast and could climb to multi-year highs by the end of the week, analysts have suggested.
"According to Bloomberg, in case the Iran sanctions come into place, oil price could go up to $150 a barrel", reported ET.
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"We think oil market fundamentals are increasingly supportive of crude prices, at least at current levels", said Gordon Gray, HSBC's global head of oil and gas equity research. South Korea says that it continues talks with the United States to see if it can obtain waiver.
Worldwide oil benchmark, Brent crude, extended its gains on Wednesday, trading near a two-month high as shrinking oil inventories pointed to an increasingly tight global market.
Total Iranian oil shipments for September-although we're just one third into the month and more tankers could leave later in September-slumped to 1.3 million bpd through September 13, compared to just above 2 million bpd in August, when Iranian exports started to fall noticeably, according to Bloomberg's data.
The International Energy Agency said on Thursday that although the oil market was tightening at the moment and world oil demand would soon reach 100 million barrels per day (bpd), global economic risks were mounting.
Opec, the Organization of the Petroleum Exporting Countries that accounts for 40% of global production, cut its forecast for oil demand growth next year in its monthly report.
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Tighter Supply Despite this, the short-term outlook for oil markets is for tighter supply.
But it said rising demand could also be checked.
Their combined output has risen by 3.8 million bpd since September 2014, more than the peak output Iran has managed over the last three years.
WTI was pushed over $70 during the previous session due to falling crude inventory and production levels.
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