Killing of journalist Jamal Khashoggi can trigger oil prices rally

US issues warning to Russia about helping Iran escape upcoming oil sanctions

In a sign that supply is plentiful, industry group the American Petroleum Institute (API) said on Tuesday that United States crude stocks had risen by 9.9-million barrels - more than forecast.

In the USA, nationwide inventories climbed by 6.35 million barrels last week for the longest streak of gains since March 2017, the Energy Information Administration reported on Wednesday.

US sanctions on Iranian oil begin on November 4 and Washington has said it wants to stop all of Tehran's fuel exports, but other oil producers are pumping more to fill any supply gaps.

Brent crude oil fell 82 cents, or 1.1 per cent, to a low of $75.35 a barrel before rallying to around $76.67, up 50 cents, by 1220 GMT. Brent crude, used to price global oils, slid 0.4%, to $76.17/Bbl.

"The committee however expressed concerns about rising inventories in recent weeks and also noted looming macro economic uncertainties which may require changing course", the panel said in a statement.

"While the negative impact of rising crude oil prices has yet to affect the 2019 demand outlook, there is no doubt that it will have an impact sooner rather than later", Ole Hansen, head of commodity strategy at Saxo Bank, wrote in the bank's recently published Q4 2018 Quarterly Outlook.

Oil prices rose above $80 a barrel, two weeks before USA sanctions, that might stop Iran's oil supplies, enter into effect.

Oil Minister Dharmendra Pradhan had earlier this month said that two state refiners have placed orders for importing crude oil from Iran in November.

OPEC's panel vowed today to continue to monitor oil market fundamentals and compliance "in its efforts to maintain market balance".

The minister reiterated that the market is unable to find a replacement for Iran's oil, urging Trump to abandon his plan to impose sanctions on the country.

Gasoline production decreased last week, averaging 10 million barrels per day.

The WTI crude oil continues to trade bullish despite an unexpected rise in crude oil inventories last week.

"We have sanctions on Iran, and nobody has a clue what Iranians export will be". Meanwhile, Russia suggested its current output is higher than in September.

In the meantime, total estimated export volumes on Aframaxes, Suezmaxes and VLCCs from Iranian ports sank by 11.5 per cent to 1.7 million barrels per day in September from 1.92 million barrels per day in August, according to data from S&P Global Platts trade flow software cFlow.

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