Indian Oil buys USA crude to part replace Iran cargoes

Prepare for $90 oil after sanctions against Iran take effect – analyst

At the same time, President Donald Trump restored some American sanctions on Iran and has reaffirmed plans to impose tougher penalties on the nation's oil sales in November.

A greater commitment to USA crude may help shield India from supply disruptions when sanctions on oil aimed at curbing the Islamic republic's nuclear program begin in early November.

The weakness was pronounced at China's independent oil refineries, known as teapots, which the market views as an indicator of real demand for the world's second biggest oil consumer, Kilduff said. With the same trend, the average price for Oman crude oil futures contracts at the Dubai Mercantile Exchange (DME) witnessed a price drop by 0.6 per cent compared with previous month. A boycott of U.S. oil indicates Beijing's continued purchase of Iranian oil, keeping Tehran in play in the global oil market.

China is slapping additional tariffs of 25 percent on $16 billion worth of US imports, from fuel and steel products to autos and medical equipment.

Oil prices steadied on Wednesday despite relatively weak Chinese import data as the market was still supported by falling United States crude inventories and the introduction of sanctions against Iran.

Elon Musk says he's considering taking Tesla private
That has driven the stock lower and raised concerns about whether Tesla will need to sell more shares to pay for expansion. The company had a market value of $58bn as of Monday's close. "Am super appreciative of Tesla shareholders", Musk said.

However, many European countries, China and India, oppose the sanctions, but the USA government said it wants as many countries as possible to stop buying Iranian oil.

Beijing has put USA energy products, including crude oil and refined products, on lists of goods it will hit with a 25 per cent import tax in retaliation for similar moves by Washington. Oil prices started the week with gains due to the focus on supply disruptions and a potential impact of US sanctions on Iranian crude oil output.

Brent for October settlement traded at $72.44 a barrel on the London-based ICE Futures Europe exchange.

The nation's biggest refiner said in May that it plans to almost double its oil imports from Iran to 7 million tons during the financial year that began in April.

Crude oil prices were moving between small gains and losses ahead of the start of trading in NY.

The Latest On Major Fires Burning In Northern California
President Trump nevertheless criticised Democrat Governor Brown, repeating his attacks on California's environmental laws. The entire so-called Mendocino Complex Fire is now one of the largest on record in the state, officials said .

The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning, showing that U.S. commercial crude inventories decreased by 1.4 million barrels last week, maintaining a total U.S. commercial crude inventory of 407.4 million barrels.

State-run refiner Indian Oil Corp., which had been buying US crude in the spot market, signed a term tender to purchase American oil for delivery every month between November and January, according to Finance Director Arun Kumar Sharma.

After two consecutive daily advances, WTI has now eroded those gains and retreated to the area of multi-day lows at shouting distance from the $68.00 mark per barrel.

"We continue to expect Brent crude oil spot prices to fall towards $70 per barrel by the end of 2018, as the market appears to be fairly balanced in the coming months", said Linda Capuano, EIA Administrator.

Scattered protests in Iran as United States sanctions loom
But US President Donald Trump chose to reimpose punishing sanctions against Iran, whom he has accused of posing a security threat. Sanctions will also be reapplied to USA imports of Iranian carpets and foodstuffs and on certain related financial transactions.

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