The Indonesian oil price team reported ICP SLC (Sumatran Light Crude) increased US$2.71 per barrel to US$78.09 in October from US$75.38 in September.
The International Energy Agency (IEA) said global crude production fell 40 thousand bpd in October to 100.30 million bpd in September due to a decline in non-OPEC countries` production, leading to global crude price hike.
According to the Energy Information Administration (EIA), the US gasoline stock and crude production in October were also lower than distillate stocks, gasoline stocks and crude production late September.
On the geopolitical side, market fear over the US plan to impose a sanction on Iran on Nov 4, 2018 has also contributed to the crude price hike.
Platts analysis has predicted Iran`s crude oil and condensate exports which fell 1.81 million bpd in October also raised the global crude price.
Positive market sentiments toward the North American Free Trade Agreement (NAFTA) between the US, Canada and Mexico believed to have the potential to raise oil demand and typhoon Michael believed to have reduced US oil production in October have raised global crude prices in October.
Reporting by Afut Syafril Nursyirwan
Editing by Suharto, Fardah Assegaf