US Contemplates Waivers on Iran Crude Sanctions, but There Is a Catch

Published October 9th, 2018 - 05:57 GMT
The US oil drilling rig count fell for a third consecutive week, as rising costs and pipeline bottlenecks have hindered new drilling since June. (Shutterstock)
The US oil drilling rig count fell for a third consecutive week, as rising costs and pipeline bottlenecks have hindered new drilling since June. (Shutterstock)

According to Reuters, international benchmark Brent crude oil futures LCOc1 fell to $83.26 per barrel in early trades, down 90 cents, or 1.1%, from their last close.

US West Texas Intermediate (WTI) crude futures CLc1 were down 54 cents, or 0.7%, at $73.80 a barrel.

A US government official said on Friday that the country could consider exemptions for nations that have already shown efforts to reduce their imports of Iranian oil.

Read More

With Oil Prices Dipping, Can Tourism Be Iran's Saviour Ahead of US Sanctions?
Iran Oil Exports Bullish, Despite Falling by One-Third Since Trump's Announcement

Traders said ongoing concerns that the US-Chinese trade war could slow down economic growth also weighed on crude on Monday.

Saudi Arabia also has claimed to replace any potential shortfall from Iran and Reuters reported that as another reason for price drop of crude oil. 

But Innes warned that limited spare production to deal with further supply disruptions meant “the capacity is quickly declining due to Asia’s insatiable demand.”

The US oil drilling rig count fell for a third consecutive week, as rising costs and pipeline bottlenecks have hindered new drilling since June.


© 2003-2019 Mehr News Agency

You may also like