Brent oil hit $80 a barrel this week - good news for exporters like Saudi Arabia and Russia but less so for importers such as India and especially those with big current account deficits, like Turkey. The loss of Iranian supply into an already tight market should keep prices elevated for now. SEE MORE European fuel ethanol prices have risen slightly in the week after Vivergo announced its large UK plant would cease production by the end of September. SEE MORE The European Union wants to bolster the global role of the euro as part of an effort to avoid being pushed around by President Donald Trump, whose foreign policy actions are increasingly at odds with its trans-Atlantic partner, Spanish Foreign Minister Josep Borrell said. SEE MORE Domestic iron ore production is projected to grow by five per cent in 2018-19, helped by a stable demand from the infrastructure and automobile industries. Apart from the anticipated growth in production, demand for iron ore inside the country will be met by the accumulated ore stocks at mine heads, chiefly in the states of Odisha and Jharkhand which between them account for 80 per cent of the piled up inventory. SEE MORE World oil consumption will top 100 million barrels per day (bpd) in the next three months, putting upward pressure on prices, although emerging market crises and trade disputes could dent this demand, the International Energy Agency (IEA) said. SEE MORE