10-09-2018 05:40 PM
Oil prices trade high on Monday morning as U.S. energy firms cut production from some rigs last week and the supply is likely to tighten as Washington’s sanctions against Iran will fall into effect in November.
According to energy services company Baker Hughes U.S. - Energy companies cut out two rigs last week, launching the total to 860.
U.S. Energy Secretary Rick Perry is prepared to meet with corresponding person from oil exporters Saudi Arabia and Russia from Monday. This is to cheer oil producers to keep their output up for two months before its transformed sanctions on Iran.
Saudi Arabia said last Wednesday in its report that the country is seeking to keep oil prices between $70 to $80 currently.
OPEC and non-OPEC officials will meet later in September to talk about any boost in output, after the groups decided in June to boost output fairly.
In view of encouraging prices, China’s crude oil imports raised 6.5% last month from July, reaching its highest since May, as demand from smaller and independent refiners picked up.
Crude in August accounted for 9.04 million barrels per day, up from 8 million bpd in the same month last year and 8.48 million bpd in July.