Oil wobbles after Saudi pledge to play ‘responsible role’
Brent falls but supply concerns remain in the run-up to US sanctions against Iran’s crude exports
Singapore — Oil prices dipped on Tuesday after Saudi Arabia pledged to play a responsible role” in energy markets, although sentiment remained nervous in the run-up to US sanctions against Iran’s crude exports that start in November. Front-month Brent crude oil futures were at $79.62 a barrel at 4.27am GMT, down 21c, or 0.3%, from their last close. US West Texas Intermediate (WTI) crude futures were at $69.26 a barrel, dropping 10c from their last settlement. US sanctions against Iran's oil exports are due to kick off on November 4. Top crude oil exporter Saudi Arabia has pledged to keep markets supplied despite its increasing isolation over the killing of Saudi journalist Jamal Khashoggi. There has been concern that just as markets tighten with the start of the US sanctions against Iran, Saudi Arabia could cut crude supply in retaliation for potential sanctions against it over the Khashoggi killing. Trying to dismiss such worries, Saudi Energy Minister Khalid al-Falih said on Monda...
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