OIL PRICE: NEAR $79 STILL

REUTERS - Oil futures inched up on Friday amid concerns over supply as U.S. sanctions on Iran's crude exports loom, although calls by U.S. President Donald Trump for lower oil prices dragged.

International benchmark Brent crude for November delivery LCOc1 was up 26 cents, or 0.33 percent, at $78.96 a barrel by 0647 GMT.

U.S. West Texas Intermediate crude for October delivery CLc1 was up 7 cents, or 0.10 percent, at $70.39 a barrel.

Trump on Thursday called on the Organization of the Petroleum Exporting Countries (OPEC) to lower prices, saying on Twitter "they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices".

OPEC and its allies are scheduled to meet on Sunday in Algeria to discuss how to allocate supply increases to offset a shortage of Iran supplies due to U.S. sanctions.

Trump's remarks just days before the OPEC meeting put "a focus on the likely supply impacts of U.S.-led Iran sanctions", said Stephen Innes, head of trading for Asia-Pacific at OANDA in Singapore.

"The market had until that point been trading fluidly with the assumption that Saudi Arabia is now comfortable with Brent at $80 or even higher, which is challenging the market's long-held supposition that prompt Brent between $70 and $80 was OPEC's sweet spot," Innes said.

Brent has been trading just below $80 a barrel, backed by concerns of supply shortages from looming U.S. sanctions against Iran, which are set to take effect in November.

"Iranian crude exports are coming earlier and bigger-than-expected, at a time seasonal demand is strong. With spare capacity also falling sharply, the market remains exposed to supply-induced price shocks," ANZ Bank analysts wrote in a report.

Although supply worries have pushed up oil prices, OPEC and its allies were not likely to agree to an official increase in crude output at this weekend's meeting, OPEC sources said.

-----

Earlier: 

2018, September, 19, 14:07:00 OIL PRICE: NEAR $79 AGAIN REUTERS -Brent crude futures LCOc1 were up 2 cents at $79.05 a barrel by 0854 GMT, having gained 1.3 percent on Tuesday following media reports that Saudi Arabia, the world’s largest oil exporter, was comfortable with prices above $80. U.S. crude futures CLc1 were up 15 cents at $70.00, after gaining 1.4 percent the day before.

2018, September, 19, 13:47:00 OIL PRICES: $70 - $80 PLATTS - Current global oil prices at around $70-80/b are due to the volatile situation on the market and include a premium for risks associated with sanctions and oil supply cuts, but they are expected to fall to around $50/b in the long term, Russian energy minister Alexander Novak said Tuesday.

2018, September, 19, 13:43:00 ЦЕНА URALS: $74,45568 МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 августа по 14 сентября 2018 года составила $74,45568 за баррель, или $543,5 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 октября 2018 года повысится на $7,5 и составит $137,5 за тонну.

2018, September, 17, 15:25:00 OIL PRICE: NOT ABOVE $79 YET REUTERS - Brent crude oil was up 40 cents a barrel at $78.49 by 1155 GMT. U.S. light crude was up 45 cents at $69.44.

2018, September, 17, 15:20:00 РОССИЯ И САУДОВСКАЯ АРАВИЯ: СТАБИЛЬНОСТЬ НА РЫНКЕ МИНЭНЕРГО РОССИИ - Министры обсудили динамику спроса и предложения на рынке с фокусом на макроэкономические тренды и потенциальные сценарии развития ситуации в среднесрочной перспективе. Стороны подтвердили приверженность обеспечению стабильности на рынке и готовность оперативно реагировать на изменения рыночной конъюнктуры, чтобы совместно с партнерами обеспечить стабильность рынка в любых условиях.

2018, September, 14, 12:45:00 OIL PRICE: NOT ABOVE $79 REUTERS - Brent crude was up 3 cents at $78.21 a barrel by 0634 GMT, after falling 2 percent on Thursday. The global benchmark rose on Wednesday to its highest since May 22 at $80.13. U.S. West Texas Intermediate (WTI) futures were up 18 cents, or 0.2 percent, at 68.76 a barrel, after dropping 2.5 percent on Thursday.

2018, September, 14, 12:40:00 IEA: OIL PRICES COULD RISE IEA - If Venezuelan and Iranian exports do continue to fall, markets could tighten and oil prices could rise without offsetting production increases from elsewhere.