Oil is hardly changed as US stocks fall and sanctions against Iran take hold
Brent is slightly stronger after industry data shows that US inventories have declined and traders adjust to US reintroduction of sanctions against Iran
Singapore — Oil prices held steady on Wednesday, supported by a report of rising US crude inventories as well as the introduction of sanctions against Iran. Front-month US West Texas Intermediate (WTI) crude futures were at $69.28 a barrel at 4.08am GMT, up 11c from their last settlement. Brent crude oil futures were at $74.61 a barrel, down 4c from their last close. Both futures contracts have risen during the previous two sessions. "Crude oil prices rose as the reality of US sanctions on Iran weighed on sentiment. News from key buyers suggests the market is already adjusting to the new regime," ANZ bank said in a note on Wednesday. The US government introduced a raft of new sanctions against Iran on Tuesday, targeting Iran’s purchases of US dollars — in which oil is traded — metals trading, coal, industrial software and its auto sector. From November, Washington will also target Iran’s petroleum sector. Iran is the third-largest producer among the members of oil cartel Opec. It sh...
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