Trump gets oil traders' attention over call with Saudi king

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Oil futures extended their rally on Monday, hitting their highest levels since November 2014, as USA sanctions on Iran come into force and a North American trade deal fosters growth.

U.S. West Texas Intermediate (WTI) crude futures marked $75.90 a barrel around 0630 GMT today, their strongest since November 2014.

Gasoline pump prices are on the rise in the U.S. The national average gas price was $2.875 per gallon on Friday, according to AAA, up 1.4 percent in the past month and 11.7 percent higher than a year ago.

Worldwide benchmark Brent crude futures for December delivery dropped 0.6 percent to $84.43 per barrel, hovering just below its highest since November 2014 of $85.45-peak hit on Monday. That's the highest level since November 2014.

A Reuters survey of Opec production found Iranian output in September fell by 100,000 barrels per day (bpd), while production from the group as a whole rose by 90,000 bpd compared with August.

US President Donald Trump is calling on the global community to suspend imports of crude from Iran by November, driving up prices globally.

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U.S. President Donald Trump this week demanded that the Organization of the Petroleum Exporting Countries raise production to prevent further price rises ahead of midterm elections in November for U.S. Congress members. The sanctions forbid oil-importing countries and companies from buying Iranian crude, so this could put a squeeze on overall global supplies and make the commodity costlier.

However, China's Sinopec is halving loadings of crude oil from Iran this month, in a sign that pressure from Washington is having an effect.

"Our oil analysts believe there is now a growing risk it (crude) could touch $100 per barrel", HSBC said in its fourth-quarter Global Economics outlook.

The ability of the oil price to remain elevated at around four-year highs, comes amid a variety of developments, led by the upcoming United States sanctions against Iran, which come into full force on November 4.

For now, soaring crude prices and weak emerging market currencies, including India's rupee and Indonesia's rupiah, may erode economic growth.

Britain's Barclays bank, however, said on Tuesday that "OPEC has ample spare capacity".