Oil prices stable as market weighs effects of looming US sanctions against Iran
Other producers are expected to plug the gap when the sanctions kick in, capping price gains in crude
Singapore — Oil was steady on Tuesday, supported by looming US sanctions against Iran’s petroleum industry. But prices were capped by signs that increased supplies by other major producers, including the US and Saudi Arabia, could make up for the disruptions from Iran. US West Texas Intermediate (WTI) crude futures were at $67.61 a barrel at 1.12am GMT, up 7c from their last settlement. Brent crude futures climbed 11c to $77.48 a barrel. "It was a mixed performance in the crude oil market," ANZ bank said in a note, pointing to Washington’s sanctions against Iran’s oil exports that will be enforced from November. Washington is putting pressure on other countries also to cut imports from Iran. Close allies such as South Korea and Japan, but also India, are showing signs of falling in line. ANZ bank said prices were capped "amid speculation later in the day that Saudi Arabia and Russia will fill any gap". US energy secretary Rick Perry met Saudi energy minister Khalid al-Falih on Monda...
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