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Oil falls more than 1% due to exemptions from Iran sanctions from the site of Masress, on Tuesday, 6 November 2018.
| Oil drops more than 1% due to exemptions from Iran sanctions
Reuters Published in the echo of the country on 06 – 11 – 2018
Oil prices fell on Tuesday and US crude futures fell to eight-month lows, a day after Washington gave the biggest buyers of Iranian crude sanctions, while Iran said it could still sell its oil.
Global Brent crude futures fell $ 1.04, or 1.42 percent, to settle at $ 72.13 per barrel. Crude hit a session low of 71.18 per barrel, its lowest price since Aug. 16.
US West Texas Intermediate crude futures were up 89 cents, or 1.41 percent, at $ 62.21 a barrel. Crude hit a session low of $ 61.31 a barrel, its weakest since March 16.
Iran has said it can still sell its oil needs and urged European countries opposed to US sanctions to do more to protect Tehran.
The United States on Monday re-imposed sanctions targeting Iranian oil, banking and transport sectors and threatened further action. US Treasury Secretary Stephen Menuchin said Washington was aiming to stop Iranian oil exports altogether, but 180 days were granted to eight importers – China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey.
Commercial data indicate that this group buys up to three-quarters of Iranian oil exports by sea, meaning that the Islamic Republic will still be able to export some of its oil at the moment.
The sector estimates that Iranian oil exports have fallen 40-60 percent since US President Donald Trump said in May he would reinstate sanctions. Exemptions could allow exports to pick up again after November.
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