LONDON, Oct 10 (Reuters) - The world's biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as USA sanctions on Iran reduce crude exports from the Islamic republic.
Brent for December settlement was 93 cents lower at $82.16 a barrel on the London-based ICE Futures Europe exchange, after falling $1.91 on Wednesday.
Brent crude futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT.
Iran may indeed have not cut production yet to match the rate of decline in its exports, as the country appears to be storing more oil on ships as it did during sanctions that applied until the 2015 nuclear deal.
Goldman Sachs says US shale oil production can continue to increase by 1 million bpd every year until 2021, according to a new report by the investment bank.
The IMF also raised concerns that demand for oil products may slump as well.
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Iranian oil industry has been under pressure from the US efforts to isolate the country by reimposing sanctions.
Money managers cut their net long U.S. crude futures and options positions in the week to October 9, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. The tankers are sailing to India, China and the Middle East. The OPEC's 15 countries have amplified the crude oil outcome in last month to 33.07 million barrels per day-that is the 180,000 barrels per day surge from August-as per the Platts survey of analysts. They earlier touched their lowest since September 28 at $81.61, after closing 2.2 percent lower on Wednesday.
Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.2 million barrels, API said.
On November 4, a second batch of potentially more damaging sanctions will be re-imposed on Iran's oil and shipping sectors as well as its central bank.
In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due to the storm, the Bureau of Safety and Environmental Enforcement said. OPEC and its allies "are ready and willing to continue to make sure that the market remains well supplied".
A drop in USA oil production this week supported prices.