Oil markets tread water ahead of renewed US sanctions against Iran

referring to Oil markets tread water ahead of renewed US sanctions against IranOil markets started cautiously on Tuesday, as many traders in Asia were reluctant to take on new positions ahead of the introduction of U.S. sanctions against major crude exporter Iran. Spot Brent crude oil futures were at $73.74 per barrel at 0100 GMT on Tuesday, down 1 cent from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 8 cents at $68.93 barrel. Some analysts warned that a global heat wave could also now affect oil demand. "Past instances of El N±o have resulted in sharp drops in U.S. residential and commercial heating oil demand and prices," it said.

Iran news Oil Prices soar as result of Donald Trump sanctions on Iran's Hassan Rouhani

President Donald Trump is employing an increasingly bellicose stance towards the Iranian commander in chief Hassan Rouhani as he rejected an international agreement to curb Iran's nuclear programme. The US leader's decision is widely expected to trigger a negative impact on oil exports in Iran, which is the world's fifth-largest oil producer. The last time sanctions we imposed on Iran, about half its current oil export of some 2.4million barrels were removed from the market. Morgan Stanley, for example, now estimates Iranian production will drop to 2.7 million barrels a day by the fourth quarter, with more than 1million barrels taken offline. Crude oil tanker 'Devon' as it sails through the Persian Gulf

Oil books a gain amid Iran sanctions and reports of Saudi output drop

according to The U.S. oil benchmark finished at its highest settlement since June 29, though it pared its gains toward the close. Reports on Friday indicated that Saudi crude production dropped to around 10.3 million barrels a day in July, down from 10.49 million barrels a day in June, according to delegates from the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the de facto head. Last month, Russian crude and condensate production increased by 150,000 barrels a day month-on-month, analysts at consultancy JBC Energy said, while OPEC output rose by around 300,000 barrels a day last month. OPEC is slated to release its official monthly oil market report for July on Aug. 13., which will offer greater clarity on output among its members. Oil market observers are looking ahead to weekly U.S. inventory data from the Energy Information Administration due on Wednesday.

collected by :Frank Ithan