Iran's Oil Exports Slip for Third Consecutive Month over U.S. santionsNaija247news

Iran's Oil Exports Slip for Third Consecutive Month over U.S. santionsNaija247news

Brent and West Intermediate Texas crudes traded generally sideways last week, despite the pronounced weakness at the end of the week.

Both futures contracts have risen during the previous two sessions.

USA investment bank Jefferies said in a note that "the Saudi and Russian production surges appear to be more limited" than expected, adding that the imminent reinstatement of US sanctions against Iran also fed bullish sentiment. "News from key buyers suggests the market is already adjusting to the new regime", ANZ bank said in a note on Wednesday.

Prices drew some support from US sanctions against Iran, introduced Tuesday in a range of sectors.

Iran's oil industry is expected to be hit in the next round of economic penalties against the country, set to take effect in November.

Front-month Brent crude oil futures were at $74.85 a barrel at 9.51am GMT, up 20c, or 0.25%, from their last close. OPEC+ countries will increase production by 1 million barrels per day, of which 200,000 bpd will be provided by Russian Federation.

So-called "snapback" sanctions are due to be reinstated at 12:01 a.m. EDT on Tuesday, according to a U.S. Treasury official.

Analysts expect the US sanctions to take between 500,000 bpd and 1 million bpd of Iranian crude oil off the market when full sanctions return in early November, and some experts think that the figure will be closer to 1 million bpd. Rebels have cut exports by up to a million barrels per day.

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China is slapping additional tariffs of 25 percent on $16 billion worth of US imports, from fuel and steel products to autos and medical equipment.

People's Republic of China imported 83.51 per cent of the total exported quantities of Omani crude oil during July 2018, a slight drop of 0.04 per cent month-on-month.

But new data released on Monday showed Saudi Arabia's oil production fell in July by 200,000 bpd from the month earlier.

As for the gold commodity, the precious metal perked up on Wednesday with the dollar slumping.

Saudi Arabia and Russian Federation started to raise their oil production several weeks before the formal decision to increase output was taken by OPEC and its allies towards the end of June.

The US dollar index, which measures the greenback's strength against a basket of other currencies, was lower 0.2 percent at 94.87 on Wednesday. Most commodities are priced in U.S. dollars.

"Gold is consolidating here for the moment".

The FTSE's rally was also supported by a slight improvement across the USA markets as they enjoyed a brief respite from the trade tariff tit-for-tat which dominated the start of the week.

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