Oil Prices Down on Iran Sanction Exemptions

Oil prices fell on Tuesday after Washington granted sanctions exemptions to top buyers of Iranian oil. lifting supply concerns and turning the market`s focus to worries that an economic slowdown may curb fuel demand.

Benchmark Brent crude futures were down 53 cents at $72.64 a barrel by 1243 GMT.

US West Texas Intermediate crude futures were at $62.80 a barrel. down 30 cents from their last settlement.

Washington gave 180-day exemptions to eight importers – China. India. South Korea. Japan. Italy. Greece. Taiwan and Turkey. This group takes as much as three-quarters of Iran`s seaborne oil exports. trade data shows. meaning Iran will still be allowed to export some oil for now.

Iran`s crude exports could fall to little more than 1 million barrels per day (bpd) in November. compared with a 2018 high of around 2.6 million. But that figure could rise from December as importers use their waivers.

China was given a waiver to import around 360.000 bpd from Iran during the exemption period. sources told Reuters.

About core

Check Also

Oil up over Tight Supply and Growing Demand

Oil was up on Monday morning in Asia as the U.S. peak driving season sees …

Leave a Reply

Your email address will not be published.