Oil prices rise as US renews sanctions against Iran

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The crude oil prices' down trend through July 2018 was attributed to several factors that negatively affected the prices, including the production hikes in Saudi Arabia and Russian after the meeting of the Organisation of the Petroleum Exporting Countries (Opec) with non-member producers in June, which resulted in a decision to gradually ease the group's production in order to balance the supply and demand of global crude oil.

At 10:40 am Singapore time (0240 GMT), ICE October Brent crude futures were up 12 cents/b (0.16%) from Monday's settle at $73.87/b, while the NYMEX September light sweet crude contract was unchanged over the same period at $69.01/b.

The President Donald Trump administration has urged all countries to end imports of Iranian oil by November 4 as part of its new policy of hostility towards Tehran after Washington's unilateral exit from the 2015 nuclear agreement.

According to OPEC sources, top crude exporter Saudi Arabia pumped around 10.29 million barrels per day (bpd) of crude in July, down about 200,000 bpd from a month earlier.

Crude oil prices moved higher on Monday, lifted by a report that showed crude production in Saudi Arabia unexpectedly dipped in July. On November 5th, the United States will resume sanctions against Iran's energy-related financial transactions.

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Some of the sanctions resume on Tuesday.

"Many countries, including Europeans, disagree with the US sanctions and are willing to work with Iran", said the official, who asked not to be named.

This week we will continue to keep an eye on the trade dispute between the USA and China. Thus, it is hard for India to stop doing business with Tehran.

US West Texas Intermediate (WTI) crude futures were up 20 cents, or 0.3 percent, at $69.21 barrel.

"With global demand remaining healthy and the global heatwave increasing oil demand, I think prices will remain well-supported in the near term", Hussein Sayed, chief market strategist at FXTM, said. While the sanctions may take away almost 1 million bpd from the market, the shortfall is expected to be filled by increased output from Saudi Arabia, Russia, and the United States.

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Oil rose on Monday after Saudi crude production unexpectedly fell in July and United States drilling appeared to slow, although the price is still nearly 10 percent below its 2018 high of more than $80 a barrel. It shipped out nearly 3 million barrels per day (bpd) of crude in September, equivalent to around 3 percent of global demand.

Market participants will look for signals on USA inventory levels from a preliminary report due for release by the American Petroleum Institute later Tuesday.

Much of the northern hemisphere has been gripped by extreme heat this summer, pushing up demand for industrial and residential cooling.

This is unedited, unformatted feed from the Press Trust of India wire.

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