Brent for December settlement rose 54 cents to $77.43 on the London-based ICE Futures Europe exchange. -China trade war on the global economy and on geopolitical concerns. Despite threatening serious punishments against killers of the Saudi journalist at the same time Trump calls the Saudi regime as an important ally for confronting Iran.
Bowing to pressure from Washington, Chinese oil majors Sinopec and China National Petroleum Corp (CNPC) have yet to buy any oil from Iran for November because of concerns that sanctions violations could hurt their operations.
Oil futures rose mid-week as the focus returned to looming U.S. sanctions on oil exporter Iran, helping prices recover from a two-month low earlier in the week.
Foreign customers will be able to trade Iranian crude oil at the Iranian energy bourse amid the looming USA sanctions targeting the Middle Eastern country's energy sector, local media reported, citing Iranian Deputy Petroleum Minister Ali Kardor.
The great fear of a shortage of global crude is subsiding as Saudi Arabia warned this week that we're in danger of having to manage a surplus.
Output remained unchanged at 10.9 million barrels per day (bpd), slightly below a record 11.2 million bpd reached at the start of October.
Mohammadbagher Forough, a research associate at the Clingendael Institute and assistant professor of International Relations at Leiden University explained to Qantara.de that the US sanctions against Iran are a flawless economic and energy opportunity for China for three reasons.
Economic uncertainty and the woes of the Asian stock market unsettled the oil price this week to the downside.
Saudi Arabia Energy Minister, Khalid Al-Falih, said there could be a need for intervention to reduce oil stockpiles after increase in recent months. The U.S. benchmark is set for a 3.5 percent loss this week.
Crude prices are bedding back down today after Thursday saw WTI peak at $67.60, and oil barrels are continuing their declining stance below a rapidly-declining 200-hour moving average.
USA light crude CLc1 was up 20 cents at $67.02 after touching an intraday low of $65.99. India, the second largest importer of Iranian oil after China, may face difficulty in supplying its huge domestic demand for oil. "We have sanctions on Iran, and nobody has a clue what Iran's exports will be".
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