Oil falls amid concern about Iran sanction exemptions
Brent slips as worry about how an economic slowdown may curb fuel demand growth weighs on sentiment
Singapore — Oil prices slipped on Tuesday, weighed down by exemptions from Washington that will allow Iran’s biggest oil customers to keep buying from Tehran, as well as concerns that an economic slowdown may curb fuel demand growth. US West Texas Intermediate (WTI) crude futures were at $62.95 a barrel at 3.55am GMT, down 15c, or 0.2%, from their last settlement. International Brent crude oil futures were down 28c, or 0.4%, at $72.89 a barrel. Analysts said expectations of an economic slowdown in coming months were weighing on the fuel demand outlook, while concerns eased on the supply-side after Washington granted eight importers of Iranian oil sanctions waivers that will allow them to continue purchases. Washington gave 180-day exemptions to eight importers — China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey. These are Iran’s biggest buyers, meaning Iran will be allowed to still export some oil for now. Jameel Ahmad, head of market research at futures brokerage F...
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