The UOil prices achieved after US energy administration said commodities increased 3.2 million barrels last week, less than expected. Petrol…
The UOil prices achieved after US energy administration said commodities increased 3.2 million barrels last week, less than expected. Petrol and distillate stocks fell as the total product requirement over the last four weeks increased by 5.4 percent from a year ago.
“Despite the increase in crude oil inventories, raw term prices are supported by the inventory decline in refined products,” said Andrew Lipow, chairman of Lipow Oil Associates in Houston.
Copper mines were traded choppily on Wednesday, and Brent rose $ 1 a barrel earlier in the session before returning. Investors weigh market outlook for new US sanctions against Iran beginning November 4th.
“It is believed that there is enough oil on the market right now to review the Iranian sanctions. Technically, the market has been in a weak position,” said Phil Flynn, analyst at Price Futures Group in Chicago.
New US sanctions against Iran begin on November 4, and Washington has made it clear to Tehran customers that they expect to stop buying any Iranian crude oil from
The imports of Iranian crude oil from major buyers in Asia hit September 32 in September, because China, South Korea and Japan sharply lowered their purchases before sanctions. Government and ship tracking data showed.
“The cruel argument for crude oil is still on Iran’s sanctions that will begin in November, and continued production will decrease from Venezuela,” said William Loughlin, investment analyst at Rivkin Securities.