After "U.S. sanctions" large volumes about Iran´s oil

Tehran _ Agencies

Oil prices rose Tuesday after more evidence of Iranian oil exports receded before the United States reimposed sanctions and a hurricane moved across the Gulf of Mexico.

The benchmark Brent crude price rose 26 cents to 84.17 dollars a barrel by 2:44 Gmt.

Brent fell, monday, to a low level, amounting to 82.66 dollars, but mostly returned, with investors betting that China's economic stimulus would boost demand for crude Oil.

Brent had reached his highest level four years ago, last week, when he scored 86.74 dollars a barrel.

The US median in western Texas fell 24 cents or 0.3 percent to 74.53 dollars a barrel, after retreating to 73.07, during the previous dealing session, but landed only five cents at the Shutdown.

Iranian crude exports declined further in the first week of october, according to tanker data and a source in the Gaza strip, influenced by impending U.S. sanctions, and a challenge to other OPEC producers wanting to compensate for the Shortfall.

The data showed that Iran exported 1.1 million barrels per day (bpd) of crude in this seven-day period. A source in the industry, which monitors exports, said October shipments are less than 1 million barrels per Day.

By comparison, exports were at least 2.5 million barrels per day in april, before US president Donald Trump withdrew the United States in May from the 2015 nuclear deal with Iran and re-imposed Sanctions.

Oil companies in the Gulf of Mexico have suspended 19 percent of oil production, with hurricane Michael moving towards the eastern Gulf states, including FLORIDA.

Analysts said that if the current forecasts are correct, the hurricane will not seriously affect the major production facilities in the gulf, but any change in its trajectory could widen its impact.

The IMF reduced its forecast for global economic growth for 2018 and 2019, saying that trade policy tensions and import tariffs have negatively impacted trade.

 

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