Iran clients tweaking U.S. sanctions as $90 oil looms

Iran clients tweaking U.S. sanctions as $90 oil looms

Iran clients tweaking U.S. sanctions as $90 oil looms

Following the announcement by EIA, the WTI lost 2.78 percent to 67.25 us dollars, while Brent decreased 2.55 percent to 72.75 dollars.

Today, the bulls jumped in after President Donald Trump tweeted that the sanctions were "the most biting sanctions ever imposed". China, which is already in the midst of a trade tirade with Washington has refuted the U.S. sanctions on Iran.

The weakness was pronounced at China's independent oil refineries, known as teapots, which the market views as an indicator of real demand for the world's second biggest oil consumer, Kilduff said.

Goldman Sachs insists we are heading for a "very, very tight oil market".

Indian PSUs, which last fiscal cut oil imports from Iran by a quarter, bought 5.67 million tonnes of crude oil from the Persian Gulf nation during April-June.

Last year, 56 percent of China's oil imports came from OPEC members.

Oil prices were steady on Wednesday, buoyed by a report of rising United States crude inventories as well as the re-imposition of sanctions against Iran.

Furthermore, oil prices were dragged down by the increasing output of the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation.

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The snub could seriously undermine U.S. efforts to isolate Iran over the country's controversial nuclear programme. Trump claimed the deal wasn't stopping Iran supporting terror groups or developing ballistic missiles.

U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.3 percent, at $68.68 barrel.

The conference noted that the oil market situation has further improved over the past six months, with the global economy remaining strong, oil demand relatively robust, albeit with some uncertainties, and with the market rebalancing evidently continuing.

Brent crude futures were at $74.61 per barrel, down 4 cents from their last close.

Analysts estimated that Iranian production would drop further amid the restored sanctions and drive the oil price further up.

"The US is pursuing a strategy to aggressively curb Iranian oil exports by November", UBS analysts led by Giovanni Staunovo wrote in a note. Also, the oil markets have been squeezed by the escalating trade dispute between the United States of America and China.

Currently, the company, as well as other state-owned oil firms, buy crude oil from the U.S. on a spot or current tender basis which comprises one shipload of oil.

USA crude inventories fell 6.02 million barrels last week, the API was said to report. That compares to its previous year's spot purchases of 6.6 million barrels from the shale producer.

"Fears of the impact of sanctions on China, Iran, Russia and Turkey did not help and another big drop in US gasoline demand has some anxious that U.S consumers were showing resistance to higher pump prices", Phil Flynn, a market analyst at the PRICE Futures Group in Chicago, said in a daily emailed market report.

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