Oil rises 1 percent ahead of Iran sanctions

02 November, 2018, 19:15 | Author: Brooke Harris
  • Oil price falls to $75 from high of $86

Energy Information Administration data showed USA crude inventories last week climbed for a sixth straight week.

He pointed to "weakening global economic growth, the ongoing U.S". China's imports from Iran fell by 34 per cent in September from the year-ago period, official Chinese customs data showed.

Brent, against which Nigeria's oil is priced, had early this month hit a new four-year high of $86.74 per barrel, fuelled by concerns about a shortfall in global supply as USA sanctions whittle away at Iranian crude exports.

Adding to the negative impact of the OPEC output figures, the U.S. Energy Information Administration on Wednesday reported a sixth straight week of builds in U.S. crude inventories.

The West Texas Intermediate for December delivery decreased 0.86 US dollar to settle at 66.18 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery lost 1.43 dollars to 75.91 dollars a barrel on the London ICE Futures Exchange.

Hansen said talk of USA waivers from the sanctions potentially being granted to India and South Korea may also reduce the ability of the sanction to impact Iran's ability to produce and export crude oil.

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The tight market in Asia is visible in the low amount of unsold crude oil stored on tankers on waters around Singapore and southern Malaysia, the region's main oil trading and storage hub.

The International Energy Agency (IEA) said high oil prices were hurting consumers and could dent fuel demand at a time of slowing global economic activity.

"We think Trump will agree to China importing some volumes, similar to the treatment that India and South Korea receive", he said.

That's an increase of 10 million bpd since the start of the decade and means the three producers alone now meet a third of global crude demand.

On the supply side, however, oil markets remain tense ahead of looming USA sanctions against Iran's crude exports, which are set to start next week and are expected to tighten supply, especially to Asia which takes most of Iran's shipments.

New US sanctions on Iran begin on November 4 and Washington has made it clear to Tehran's customers that it expects them to stop buying any Iranian crude oil from that date. Saudi Arabia and Russian Federation have said they will pump enough to meet demand once USA sanctions are imposed.

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