Crude prices are spiking

Brent for November settlement rose as much as US$2.14 to US$80.94 a barrel on the ICE Futures Europe exchange and traded at US$80.66 at 9:58 a.m.in London.

The price of oil has risen to new four-year highs close to $81 a barrel after Saudi Arabia and Russian Federation rejected calls by Donald Trump to increase production.

Crude oil futures have spiked in early Asian trade, gaining more than 1%.

Zanganeh was referring to a tweet by Trump in which he linked USA support for Middle Eastern countries to oil prices on Thursday and again urged OPEC to lower prices.

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As always, quantifying that cost is hard, but the co-head of oil trading at Trafigura, Ben Luckock, on Monday told the Asia Pacific Petroleum Conference, hosted by S&P Global Platts, that a price of $90 a barrel by Christmas and $100 by New Year was possible.

Saudi Arabia successfully negotiated limits on oil production 18 months ago in an effort to get oil prices higher and boost government coffers, which had suffered from an extended period of cheaper oil. With upside momentum picking up, we expect to hear more criticism from President Trump, but other than some light profit-taking, his comments are not likely to have much of an effect on the price action.

"We're on the verge of some significant volatility in Q4 2018 because depending on the severity and duration of the Iranian sanctions, the market simply does not have an adequade supply response for a 2 million barrel a day disappearance of oil from the markets", Jaeggi said.

"I do not influence prices", Saudi Energy Minister Khalid al-Falih told reporters. "We in Saudi Arabia have not seen demand for any additional barrel that we did not produce".

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USA light crude CLc1 was $1.43, or 2 percent, higher at $72.21. Early last week, the market was supported by a report which said Saudi Arabia would be comfortable with Brent prices over $80 a barrel.

Oil prices were at their highest levels since 2014 in trading Monday, after the Organization of Petroleum Exporting Countries decided not to raise output.

The market was "increasingly concerned about dwindling (U.S.) inventories", ANZ bank said on Monday.

"While Citi is pricing in Brent (ICE) crude at around $80 for the quarter ahead, balances are precarious and the lack of spare capacity could see crude pricing well above $90 or even $100 should all of the potential risk in the market materialize", analysts including Ed Morse said in the note.

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