U.S. sanctions on Iran begin Nov. 4 and Washington has made it clear to Tehran’s customers that it expects them to stop buying any Iranian crude oil from that date. WTI Crude is $66.46; Brent is $76.30 this morning.
Global oil demand will continue to grow even amid the rise of electric vehicles as they are governed by petrochemicals and aviation, among others. WTI Crude is $66. 26; Brent is $76.00 this morning.
Iranian sanctions take effect Nov. 5. Three of Iran’s top five customers – India, China, and Turkey - are resisting Washington’s call to end purchases outright, arguing there are not sufficient supplies worldwide to replace them. WTI Crude is $67.52; Brent is $77.61 this morning.
The main focus in the oil market remains on U.S. sanctions and the impact they are having on Iran’s oil exports. Washington has said it wants to reduce Iranian oil sales to zero, although this looks unlikely. WTI Crude is $66.69; Brent is $76.18 this morning.
A hard draw on gasoline and distillate inventories have offset the bearish influence of a build to crude stocks, say analysts, adding that the drop in product supplies was the result of an uptick of implied demand. WTI Crude is $66.96; Brent is $76.45 this morning.
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