Oil drops on US trade dispute with China

Oil rises as U.S. renew sanctions against Iran

Oil rises as U.S. renew sanctions against Iran

This time around, some of Iran's former creative methods in trade with Asian customers, including a barter system which avoids sanctionable transfers to the nation, may also work with the Europeans.

Washington wants as many countries as possible to cut imports of Iranian oil to zero, a senior US administration official said in a telephone press briefing. Accordingly, American sanctions targeting energy-related financial transactions will make it almost impossible for most buyers to import Iranian oil.

"Past instances of El Nino have resulted in sharp drops in USA residential and commercial heating oil demand and prices", it said.

Oil prices rose on Tuesday after USA sanctions on Iranian goods went into effect, intensifying concerns that sanctions on Iranian oil, expected in November, could cause supply shortages.

Crude oil futures for September delivery ended up $0.16, or 0.2% at $69.17 a barrel. Total motor gasoline supplied (the agency's proxy for demand) averaged 9.7 million barrels a day for the past four weeks, flat compared with the prior week.

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Brent for October settlement traded at $73.60 on the London-based ICE Futures Europe exchange, down 15 cents. It also held its ground against the dollar around 1.2954 but remained very close to an 11-month low which it hit on Monday. The global benchmark crude traded at a $6.03 premium to WTI for the same month. The contract surged 3.6 per cent on Tuesday after rising as much as their daily limit to a record.

Traders were also scrutinizing weekly data on USA crude stockpiles, which showed inventories fell by 1.4 million barrels in the week through August 3.

The Energy Information Administration is scheduled to release the data on USA crude stockpiles, at 10:30 AM ET on Wednesday. If it's confirmed by the EIA data, it would be the twelfth straight week of losses.

The FTSE's rally was also supported by a slight improvement across the United States markets as they enjoyed a brief respite from the trade tariff tit-for-tat which dominated the start of the week. China has vowed to strike back again, dollar-for-dollar, on the $16 billion tranche. Meanwhile, the production of Syncrude Canada's offline on its sands facility is impacting the market.

"We have always been a strong energy partner for India", he added, while responding to a question on whether Saudi Arabia would step in to help if the United States sanctions led to a drying up of oil supplies from Iran, which became India's second biggest energy supplier in May. Washington's reinstatement of sanctions is already isolating the Gulf nation's economy. USA refiners were operating close to capacity, drawing on inventories.

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