Hurricane and falling Iranian exports boost oil prices
Gulf of Mexico operators have so far shut down almost a fifth of production
Tokyo — Oil prices rose on Tuesday as more evidence emerged that crude exports from Iran, the third-largest producer in the Opec cartel, are declining in the run-up to the resumption of US sanctions and as a hurricane moved across the Gulf of Mexico. Brent crude was up 26c or 0.3% at $84.17 a barrel by 2.44am GMT. On Monday, Brent fell to a low of $82.66, but mostly recovered as investors bet China's economic stimulus would boost crude demand. Brent rose to a four-year high of $86.74 last week. US West Texas Intermediate (WTI) crude futures were down 24c or 0.3% at $74.53 a barrel. WTI fell to as low as $73.07 in the previous session but closed just 5c lower. Iran’s crude exports fell further in the first week of October, according to tanker data and an industry source, as buyers are seeking alternatives ahead of the start of the US sanctions on November 4. That is creating a challenge to other Opec oil producers as they seek to cover the shortfall. Iran exported 1.1-million barrel...
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