Forex Marketz Daily Forex News – Fully Markets Update
Crude oil futures prices fell during Asian trade hours. The WTI Brent contract, the international benchmark, fell by better than one dollar per barrel after the United States said they would listen to nation requests for a waiver to import Iranian oil. Sanctions are getting ready to start again on that major OPEC member nation which will affect their oil exports.
As of 1:20 am GMT, Brent crude fell over 1.4 percent or $1.10 to $77.76 per barrel.
U.S. West Texas Intermediate (WTI) crude also fell lower this morning. This contract was down 68 cents or 0.9 percent to $73.43 per barrel.
Both Brent and U.S. WTI contracts were higher earlier in the session and during the North American trade hours. This came after industry data showed that U.S. inventory was down more than expected last week.
The U.S. will accept requests to Import Iranian Crude Oil
The United States is now saying that they will accept requests from some countries to be exempted from new Iranian sanctions. These go into effect in November. They will stop Iran from exporting oil. These were comments, Tuesday, by U.S. Secretary of State Mike Pompeo.
“There will be a handful of countries that come to the United States and ask for relief from that. We’ll consider it,” Pompeo said. Pompeo did not identify said countries.
At first, Washington told countries that they must halt all imports of Iranian oil from November 4. Refusal would mean swift repercussions. There would be no exemptions.
The U.S. pulled out deal in May to lift sanctions against Iran. This was a multinational accord to curb Iran’s nuclear program.
After arriving in Brussels for a NATO summit, Pompeo spoke about why the world must continue to pressure Iran. He also spoke of reassuring allied countries about other supplies for the black gold.
