Iran's OPEC governor said that that the oil market is balanced and is likely touch $100 per barrel , the Oil Ministry's website SHANA said in a statement
Though a change of guard at the Saudi oil ministry looks more certain than otherwise, the fact that Iran will assume the revolving chairmanship of the OPEC next month can potentially impact the timing of Saudi Arabia's long-serving oil minister Ali al-Naimi's retirement.
US trade deficit declined sharply in October to reach a nine-month low as exports rose, the US commerce department said on Friday.
Oil rallied to its highest in more than two years on Thursday on reports that major oil consumers may use more of it next year. Oil rose despite a strong dollar on the day, which analysts largely attributed to the latest demand-supply equations of the commodity.
Goods and services trade deficit in the U.S. narrowed in the month of September from the previous month, but still remained high with China, according to a report released by the U.S. Commerce Department.
