Oil prices were little changed on Monday as market participants weighed potential supply cuts from U.S. sanctions on Iran with deepening trade tensions between the United States and China that could dent global crude demand.
Brent crude futures rose 13 cents to $78.22 a barrel by 11:12 a.m. EDT (1512 GMT), while U.S. West Texas Intermediate (WTI) crude futures fell 8 cents to $68.91 a barrel.
“We believe that the full effect of the Iranian oil sanctions has yet to be seen and we feel that the next 5-6 week anticipatory phase of the official sanctions will associate with steady speculative buying interest,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
Iran’s oil exports have been falling in recent months as more buyers, including its second-largest buyer India, cut imports ahead of U.S. sanctions that take effect in November. Washington aims to cut Iran’s oil exports down to zero to force Tehran to re-negotiate a nuclear deal.
via Reuters
