Oil inches higher as Iran sanctions draw closer
There is doubt that Opec producers will be able to make up the full shortfall, and major consumers are said to be stockpiling
Singapore — Oil prices edged up on Monday, as markets were expected to tighten once US sanctions against Iran’s crude exports are implemented next month. Front-month Brent crude oil futures were trading at $79.88 a barrel at 2.48am GMT, 10c above their last close. US West Texas Intermediate (WTI) crude futures were at $69.31 a barrel, 19c above their last settlement. Also in the US, Intercontinental Exchange said its new Permian West Texas Intermediate crude futures contract, deliverable in Houston, Texas, will begin trading on Monday. The main price driver in Asia on Monday was the looming start of US sanctions against Iran’s oil exports, which will start on November 4. While the Organisation of the Petroleum Exporting Countries (Opec) agreed in June to boost supply to make up for expected Iran disruptions, an internal document reviewed by Reuters suggested Opec is struggling to add barrels to the market as an increase in Saudi Arabian supply was offset by declines in Iran, Venezue...
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