Oil prices down more than one percent on rising supply, trade war

Iran says the US can never prevent it from selling crude oil to international clients stressing that no other supplier can substitute the kind of oil it provides to overseas markets

Iran says the US can never prevent it from selling crude oil to international clients stressing that no other supplier can substitute the kind of oil it provides to overseas markets

The plan for selling export crude oil through energy stock market is carried out with the aim of diversifying crude oil export methods and participation of private sector in this plan.

"If Turkey gets more oil from Iraq, it will be more hard for Ankara to argue it needs a US waiver to continue buying Iranian oil", the source told Reuters.

"We are determined to implement our policy of maximum pressure on Iran".

U.S. sanctions on Iran's oil sector that were lifted as part of an internationally-brokered nuclear deal with Tehran are set to go back into effect November 5 after U.S. President Donald Trump pulled the United States out of the 2015 accord in May.

However, the effects of the USA withdrawal from the Joint Comprehensive Plan of Action (JCPOA) in May, the resumption of Iran sanctions and the potential response from other countries pose significant uncertainty to the forecast.

Oil prices rose on Monday, supported by bounce in Asian stocks, but analysts said sentiment remains cautious after financial markets plunge last week triggered by worries of slow global growth.

Speaking at a ceremony in Tehran, Es'haq Jahangiri claimed that as a result of "planning" and "mechanisms" deployed by President Hassan Rouhani's government, the USA will not reach its goal of completely cutting off Iran's oil exports.

Gaza rockets hit Israel, army strikes Hamas targets in response
The rocket attacks followed the death of four Palestinians participating in a protest along Gaza's perimeter fence with Israel. Air raid sirens sounded throughout the night in southern Israel, with militants firing some 30 rockets, the military said.

EIA forecast that USA crude oil production to increase by 1 million barrels per day in 2019.

In case a planned meeting between presidents Donald Trump and Xi Jinping yields no progress on the sidelines of a Group 20 summit in Buenos Aires next month, US officials are preparing a new list which would apply to the Chinese products that aren't already covered by previous rounds of tariffs. United States drillers added two oil rigs in the week to October 26, bringing the total count to 875, the highest level since March 2015, Baker Hughes energy services firm said on Friday.

The plan of supplying crude oil in stock market has frequently been raised in the past years but it doomed to failure. Concerns about the gap in crude oil supply caused by USA sanctions on Iran have fueled spike of crude oil prices in the past few months.

"Iran's vice president also cast doubt on any further impact of US efforts against his country's oil exports, saying that 'nothing new will happen" on November 4, as the USA has done whatever it could in recent months.

There are also signs of a slowdown in global trade, with container and bulk freight rates dropping after rising for most of 2018, according to reports.

The Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia and non-OPEC member Russian Federation, agreed in June to lift oil supplies, but OPEC then signaled last week that it may have to reimpose output cuts as global inventories rise.

"The sanctions, more than harming us, would be hurtful to the United States; Trump policies have raised the global oil prices which would not be to our loss, and we have been able to find new customers for our oil", Gholamali Jafarzadeh, a member of Iranian parliament, told the Iranian oil ministry's news service Shana on Sunday.

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