Oil slips but sanctions provide support
Market enjoys support from impending drop in Iranian exports in the last three months of the year, during which demand increases
London — Oil prices eased on Wednesday but were still set for a fifth consecutive monthly quarter of gains, driven by an impending drop in Iranian exports in the last three months of the year when global demand heats up. Brent crude futures were last down 21c on the day at $81.66 a barrel by 9.23am GMT, having risen to $82.55 on Tuesday, its highest since November 2014. US crude futures were down 19c at $72.09 a barrel. The US will apply sanctions to halt oil exports from Iran, the third-largest producer in oil cartel Opec, from November 4. The pending loss of Iranian supply has been a major factor in the recent surge in crude prices. Several big buyers of Iranian crude, such as a number of Indian refiners, have signalled they will wind down their purchases, yet the exact impact of the loss of Iranian barrels on the global market balance is not clear. “Iran has the opportunity to channel oil through Iraq and they will still have some buyers in Asia. I’m not totally confident that ex...
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