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The fall in oil prices after Washington granted exceptions to the import of Iranian oil

Rocky: Admin Assist; Posts : 269035
Join date : 2012-12-21

Post n°1

The fall in oil prices after Washington granted exceptions to the import of Iranian oil

by Rocky Mon 05 Nov 2018, 2:03 am

The fall in oil prices after Washington granted exceptions to the import of Iranian oil

The fall in oil prices after Washington granted exceptions to the import of Iranian oil 8398

Oil prices plummeted on Monday after exceptions allowed some countries to continue to import Iranian crude oil at least temporarily as US sanctions on Iranian fuel exports begin.

London Brent crude <CLc1> fell 44 cents, or 0.6 percent, from its last close to $ 72.39 a barrel at 0142 GMT.

WTI crude futures fell 53 cents, or 0.8 percent, to $ 62.61 a barrel. Brent crude has lost more than 16 percent of its value since the beginning of October, while WTI has fallen more than 18 percent since then.

Prices were under pressure after it became clear that Washington would allow several countries to continue importing crude oil from Iran despite sanctions that would officially begin on Monday.

The United States said on Friday it would temporarily allow eight importers to continue buying Iranian oil when it reinstates sanctions to force Tehran to curb its nuclear, missile and regional activities.

Washington has yet to announce the names of the eight countries.

China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan are the largest importers of Iranian oil, while Taiwan sometimes buys Iranian oil even though it is not a major buyer.

http://economy-news.net/content.php?id=14247

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Current date/time is Sat 27 Apr 2024, 10:57 pm