Forex Marketz Daily Forex News – Fully Markets Update
Crude oil contracts gained ground this morning during Asian trade hours. Traders are looking at signs that there are reduced global imports of Iranian oil. Sanctions against the OPEC member state go into effect in November. The United States is leading the charge for renewed sanctions.
Traders are also watching rising geopolitical tensions between Western States and Saudi Arabia over the missing journalist. President Donald Trump has threatened “severe punishment” against Saudi Arabia if the journalist was killed by them. Trump has sent Secretary of State Mike Pompeo to meet with King Salman.
As of 12:30 am GMT, the international benchmark, Brent crude for December delivery rose. This contract gained nine cents or 0.1 percent to trade at $80.87 per barrel.
U.S. West Texas Intermediate crude (WTI), for November delivery, also gained. This contract was up five cents to trade at $71.83 a barrel.
Crude Oil Traders watch Iranian Exports Shrink
Iran exports, in October, were at 1.33 million barrels per day to a countries including India and China. This is according to data from Refinitiv Eikon.
That was down from at least 2.5 million barrels per day in April. That was before the United States withdrew from a nuclear deal with Iran in May.
As looming Iran sanctions raise supply concerns, Saudi Arabia’s Energy Minister Khalid al-Falih said that his country would commit to meet demand from India. He said that his country is a “shock absorber” for supply disruptions.
