Oil price hits $81.69 per barrel

Oil price, yesterday, reached $81.69 per barrel; suggesting that the price may reach $82 per barrel soon in the event that the price continues its upward movement.

This followed allegation by United States President, Donald Trump that Organisation of Petroleum Exporting Countries (OPEC), is behind the rise in price of crude for its member state, amid sanctions on Iran by US.

The report said the decision by U.S to sanction Iran has sent the oil prices higher, adding that the price would increase further if US refused to lift the sanction.

Oil prices may remain in the bull domain amid concern that U.S sanctions on Iranian crude of exports will result in much tighter market conditions, when it takes place in November.

Citing Stephen Lines Brokerage, it said OPEC is expecting the decline in Iran exports to reach 1.4 million barrels per day,if the sanctions continues.