Insurance companies not covering storage of Iranian oil, says Indian Oil official

Donald Trump announced that the US would withdraw from the Iran nuclear deal. Subsequently he signed an executive order reinstating sanctions against Iran

Donald Trump announced that the US would withdraw from the Iran nuclear deal. Subsequently he signed an executive order reinstating sanctions against Iran

Oil prices fell on Wednesday, with US futures settling below $70 a barrel for the first time in a month, after USA crude stockpiles rose 6.5 million barrels, nearly triple what analysts had forecast, while exports dropped.

The West Texas Intermediate for November delivery rose 0.44 US dollar to settle at 71.78 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery added 0.35 dollar to 80.78 dollars a barrel on the London ICE Futures Exchange.

Oil prices hit a four-year high of Dollars 86.74 a barrel earlier this month as the market grapples with the expected loss of Iranian exports due to the U.S. sanctions.

OPEC, Russia and other oil producers, such as US shale companies, had increased production sharply since May, the IEA said, raising world crude output by 1.4 million barrels per day (bpd).

U.S. crude stocks rose 6.5 million barrels last week, the fourth straight weekly build, as exports were down to 1.8 million barrels per day, the U.S. Energy Information Administration said, in a report analysts characterized as bearish.

Venezuela and Libya also present geopolitical risks to global oil supply, and even Saudi Arabia's promise to increase its own production to make up for the shortfall hasn't soothed investors, according to Harry Tchilinguirian, global head of commodity markets strategy at BNP Paribas. But WTI prices could fall in the back half of the week, weighed by an increase in US crude inventories, the note said. U.S.

The threats came in response to growing global and US outrage with the killing of dissident journalist Jamal Khashoggi in the kingdom's consulate in Turkey, and Riyadh's now admitted role in his disappearance, the Saudi government issued a strong statement warning other nations against imposing penalties. "Saudi Arabia's threat to weaponize oil and use its leverage to bully the USA and destabilize the global economy demonstrates the Faustian bargain we have all been living with for 45 years by being dependent on oil for transportation in a global, mobile economy with little alternative fuel choices", Diamond said.

Saudi Arabia, of course, is a major oil producer.

Manchester United's Paul Pogba
The victor , which will be voted for by a global panel of 176 football journalists, will be announced on December 3. Pogba insists he is the ideal go-between for the older players and younger members of Didier Deschamps' squad.

USA lawmakers pointed the finger at the Saudi leadership, suggesting sanctions could be possible.

"My frequent visits to India are indicative of the importance Saudi Arabia attaches to this great nation as a critical energy and a strategic global player", he said calling the county an "emerging superpower".

India had contracted to import about 25 MT of crude oil from Iran in 2018-19, up from 22.6 MT imported in 2017-18.

Gasoline stocks dropped by 3.4 million barrels, compared with analyst expectations in a Reuters poll for a 1.1 million-barrel decline.

While the impact of Hurricane Michael may be short-lived in the minds of oil traders, worries of tighter global production persisted, and extended beyond Iran.

"What you can say beyond doubt is that it's creating lots of exotic trade flows that hadn't been in the market before", he said.

Indian insurers are not offering coverage policies for storage of Iranian oil, an Indian Oil Corp Ltd (IOC) official said, owing to impending United States sanctions on import of crude from Iran, which are expected to kick in on November 4.

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