Oil rises 1 percent ahead of Iran sanctions

Oil price falls to $75 from high of $86

Oil price falls to $75 from high of $86

Marketmen said trading sentiment was dampened in futures trade here after oil prices retreated in the global market due to ample stocks.

U.S. West Texas Intermediate crude dropped 10.8 percent in October, its steepest decline since July 2016. The contract fell 1.8 percent on Tuesday, at one point touching its lowest since August 24 at $75.09.

On Monday, U.S. oil prices inched up 0.07 percent despite vow of Saudi Arabia to enhance oil production.

Investors now appear less concerned US sanctions on Iran will leave the world short of oil, though the full impact of the penalties is yet to be seen.

While there were reasons to be bearish on oil prices, Iranian sanctions could send oil prices higher, at least for the foreseeable future.

The company said that Syncrude operations in Canada were impacted by a power supply disruption that began in late June with recovery by the middle of September, and highlighted progress in exploration during the quarter in Guyana while it increased rights for exploration areas in Brazil.

Saudi Arabia would also raise its daily crude oil output to 11 million barrels from 10.7 million barrels and the country has a capacity to generate 12 million barrels of crude oil each day, according to Al-Falih. In fact, imports of Iranian crude have already been on an incredible declines with South Korea and Japan already cutting back.

USA light crude was 25 cents down at $65.93.

9th child dies at Wanaque Center amid adenovirus outbreak
The infections "usually occur sporadically - here a case, there a case - so outbreaks are pretty rare", Schaffner said. It is believed that the individuals who became ill contracted the virus between September 26 and October 22.

The United States is now in a race with Russian Federation as top producer.

Brent crude futures had gained 49 cents, or 0.7 percent, to $76.40 a barrel by 0619 GMT.

Output rose to a record 11.346 million barrels a day, according to a monthly report issued Thursday by the U.S. Energy Information Administration. "It is doubtful whether Iranian oil exports will fall much further from their current level, however", a report by Commerzbank AG said.

Brent crude futures fell $1.57 a barrel to $73.47 a barrel as of 11:38 a.m. EST (1538 GMT), while USA futures were down $1.40 a barrel at $63.91.

Reports from the USA suggesting a possible waiver for India and other major Iran oil importers, experts say, could keep Brent range-bound between $70-80 per barrel this year. But the spread would narrow to 4 dollars per barrel by December 2019.

However, with last week's increase turning out to be less than expected, oil's fall was somewhat limited. The nation's crude oil inventories have increased six consecutive weeks, EIA reported.

However, the waivers seem to be making the sanctions totally irrelevant, as the countries receiving them account for a lion's share of the oil Iran exports.

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