Brent oil trades steady near four-year high while USA crude retreats

Brent crude futures settled up 67 cents at US$81.87 a barrel. On Tuesday, Brent oil hit $82 per barrel for the first time since 2014.

U.S. West Texas Intermediate (WTI) crude futures lost 43 cents to $71.85 a barrel.

Ben Luckock, who is the co-head of oil trading at fellow merchant Trafigura also said that crude oil prices could hike up to $90 per barrel by Christmas and $100 by the start of New Year as the markets tighten.

Crude inventories rose by 2.9 million barrels in the week to September 21 to 400 million, compared with analyst expectations for a decrease of 1.3 million barrels, the American Petroleum Institute said.

Refinery crude runs fell by 901,000 barrels per day, EIA data showed.

Trump, not the Organisation of the Petroleum Exporting Countries (Opec), is behind the recent rise in prices, Zanganeh said.

"We will ensure prior to the re-imposition of our sanctions that we have a well supplied oil market", Washington's special envoy for Iran, Brian Hook, told a news conference at the United Nations General Assembly on Tuesday evening.

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He managed to send a message saying he has a severe back injury and is immobilised, unable to eat or drink. "Can't walk. Having that", he said, and added that he was vomiting continuously and had a burning sensation in his chest.

Brent remains on course for its fifth consecutive quarterly increase, the longest stretch since early 2007 when a six-quarter run led to a record-high price of $147.50 a barrel.

"Trump blames Opec for what he has created and caused: the rise of the price of oil and disturbance in the market".

Several big buyers, such as a number of Indian refiners, have signaled they will wind down purchases of Iranian crude but the impact on global markets is not yet clear.

U.S. officials, including President Donald Trump, are trying to assure consumers and investors that enough supply will remain in the oil market while requesting producers raise their output.

On Tuesday, Mr. Trump's address to the world body is expected to focus heavily on Iran and the threat he says the Islamic Republic poses to Middle Eastern stability through its support for proxy forces in Syria, Lebanon and elsewhere.

Zanganeh said if Trump wanted prices to ease then he had to "stop his unwarranted interference... in the Middle East and not prevent Iran's production and exports".

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