Crude Price Falls On Saudi Arabia Production Increase, CAD Follows

Iran announces plan to circumvent US oil sanctions

"Continuation of exporting oil is symbol of victory against the USA sanctions and I hope we would witness this great victory through planning by the Oil Ministry", the vice president explained. The Saudi leader said he was ready to raise output if needed, the White House said in a statement.

Oil prices fell on Monday as supplies from Saudi Arabia and Russian Federation rose while economic growth stumbled in Asia amid an escalating trade dispute with the United States.

At the same time, the official said, the United States would work with countries that import Iranian crude on a "case by case" basis, signaling that the Trump administration might not immediately impose sanctions on those that continue importing from Iran beyond a November 4 deadline.

Brent for September settlement advanced $1.05 to $78.35 a barrel on the London-based ICE Futures Europe exchange.

Tehran and Riyadh are members of the Organisation of Petroleum Exporting Countries, a cartel that manages supply to the global market via production quotas so as to keep prices in member states' favour.

"We want to defeat America's efforts...to stop Iran's oil exports", said First Vice President Eshagh Jahangiri in a televised statement. West Texas Intermediate, the USA benchmark for the price of oil, was up 1.51 percent to $75.06 per barrel, its highest level since November 2014.

Iran will apply various methods to thwart the USA sanctions, Jahangiri said during a meeting of the resistance economy headquarters.

Iran shipped out over 2 million barrels per day of oil a year ago, with Asia taking almost three quarter of the supply and the remainder heading to Europe.

"The Trump administration's plan for Iran sanctions is now abundantly clear".

The agreement from Saudi Arabia is surprising as in recent months they have agreed with Russian Federation and other OPEC+ members to keep production relatively low.

Mr Trump took another swing at his European allies saying they dealt unfairly with the U.S. over trade.

The Organization of the Petroleum Exporting Countries agreed with Russian Federation and other oil-producing allies last month to raise output from July, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers.

"Investors should keep in mind that U.S. shale production remains robust while global trade tensions present a threat for global growth, and this may translate to less demand for commodities".

On trade, the president said in the Fox interview that he was not happy with the North American Free Trade Agreement and would not agree a new one until after the November elections. Off-topic, inappropriate or insulting comments will be removed.

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