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Oil prices steady on falling U.S. crude stocks, Iran sanctions
Oil prices held steady on Wednesday, supported by a report of rising U.S. crude inventories as well as the introduction of sanctions against Iran.
Front-month U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $69.28 per barrel at 0408 GMT, up 11 cents from their last settlement.
Brent crude oil futures LCOc1 were at $74.61 per barrel, down 4 cents from their last close.
Both futures contracts have risen during the previous two sessions.
"Crude oil prices rose as the reality of U.S. sanctions on Iran weighed on sentiment. News from key buyers suggests the market is already adjusting to the new regime," ANZ bank said in a note on Wednesday.
The U.S. government introduced a raft of new sanctions against Iran on Tuesday, targeting Iran's purchases of U.S. dollars - in which oil is traded - metals trading, coal, industrial software and its auto sector. November, Washington will also target Iran's petroleum sector.
Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC). It shipped out almost 3 million barrels per day (bpd) of crude in September, equivalent to around 3 percent of global demand.
Beyond the sanctions, the oil market was focusing on the U.S. market, where the American Petroleum Institute said on Tuesday that crude inventories fell by 6 million barrels in the week to Aug. 3 to 407.2 million. U.S. fuel storage data is due to be released later on Wednesday by the Energy Information Administration (EIA).
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www.RoyalTraders.co
Live News Update
Oil prices steady on falling U.S. crude stocks, Iran sanctions
Oil prices held steady on Wednesday, supported by a report of rising U.S. crude inventories as well as the introduction of sanctions against Iran.
Front-month U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $69.28 per barrel at 0408 GMT, up 11 cents from their last settlement.
Brent crude oil futures LCOc1 were at $74.61 per barrel, down 4 cents from their last close.
Both futures contracts have risen during the previous two sessions.
"Crude oil prices rose as the reality of U.S. sanctions on Iran weighed on sentiment. News from key buyers suggests the market is already adjusting to the new regime," ANZ bank said in a note on Wednesday.
The U.S. government introduced a raft of new sanctions against Iran on Tuesday, targeting Iran's purchases of U.S. dollars - in which oil is traded - metals trading, coal, industrial software and its auto sector. November, Washington will also target Iran's petroleum sector.
Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC). It shipped out almost 3 million barrels per day (bpd) of crude in September, equivalent to around 3 percent of global demand.
Beyond the sanctions, the oil market was focusing on the U.S. market, where the American Petroleum Institute said on Tuesday that crude inventories fell by 6 million barrels in the week to Aug. 3 to 407.2 million. U.S. fuel storage data is due to be released later on Wednesday by the Energy Information Administration (EIA).
Traders Get Freedom From Losses
https://www.royaltraders.co
*Get Highly Accurate Calls With Highly Qualified Research Team
*Our Research and Analysis based Tips are intraday validity
only which Get Target in a Short Time Period.
*We have very Expensive Team of CFA professionals Who Provides You Best Call in Mcx Market After
The Accurate Research in All International Markets and DATA.
*Our Market Tips are covered by the Full Proof
Follow-Up in which you Enjoy Profit Instantly.
*We will provide you Best Online and Offline support 24/7 via WhatsApp,Facebook,
Yahoo messenger,Telephone,Telegram etc.
For Tons Of Profit Join Now-9719026661
www.RoyalTraders.co
Best Accuracy For Royal Traders
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