Oil edges up on Iran sanctions, but US-China row mutes trading

Oil edges up on Iran sanctions, but US-China row mutes trading

According to the news report by Bloomberg, the price of oil went up despite low trading volumes, just ahead of the weekly crude oil supply data report in the US. "Crude stocks drew due to sharply lower crude imports and near-record refinery crude runs".

Brent crude, the global benchmark, rose $1.80, or 2.5%, to $74.43 USA a barrel.

China's shipowners are shunning Iran's oil, while the OPEC producer is using its own tankers to supply top customers as impending U.S. sanctions threaten to disrupt global crude trade.

Still, he said, prices drew support from the bigger-than-expected draw in US crude inventories reported on Wednesday by the Energy Information Administration (EIA).

Oil also found support from a weaker dollar, which has slipped this week in response to US President Donald Trump's comment that he was "not thrilled" by the Federal Reserve's interest rate increases.

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"With countries including China and India unwilling to completely cut Iranian oil imports, and with the European Union also refusing to endorse the withdrawal from Iran nuclear deal, the USA finds itself in a compromising position to negotiate with Iran's customers to reduce oil imports", the statement added.

"The OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela)". The crude oil benchmark is now trading at $66.90 per barrel.

The price for Brent crude oil, the global benchmark for the price of oil, was up 1.89 percent as of 9:18 a.m. EDT to $74 per barrel.

According to the official news agency of the Iranian parliament, ICANA, the Iranian Oil Minister Bijan Namdar Zanganeh announced that Total SA had officially ended its contract for the Iranian South Pars gas field's Phase 11.

Negative pressure on the price of oil could emerge from decisions by the office of the U.S. Trade Representative, which has scheduled hearings this week on additional trade pressure on China.

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