South Korean firms to stay in Iran despite United States sanctions: Envoy

South Korean firms to stay in Iran despite United States sanctions: Envoy

Brent for December delivery fell 76 cents, or 0.9%, to settle at $79.29 a barrel on the London-based ICE Futures Europe exchange.

Oil prices had been rising this week on concern about a decline in Iranian exports due to US sanctions, which kick in on November 4, and tension between the U.S.0 and Saudi Arabia after the disappearance of Saudi journalist Jamal Khashoggi.

Dalian, which hosts some of China's biggest refineries and commercial oil storage facilities, typically receives 1-3 million barrels of Iranian oil each month.

USA crude inventories rose 6.49 million barrels last week, the Energy Information Administration reported, more than twice the rate forecast in a Bloomberg survey before the data was released.

There have also been concerns in New Delhi following fresh USA sanctions on Iran, set to come into effect on November 4, since the West Asian nation is a major supplier of crude oil to India. Meanwhile, President Donald Trump and his top diplomat cautioned against putting the entire U.S. -Saudi relationship at risk over dissident writer Jamal Khashoggi.

"There is no problem on this issue", Kardor said, adding that with the European support, there will not be a problem. The war in Yemen is where the Saudis are most exposed to USA leverage. The latest news in this due came on Tuesday, when National Iranian Oil Company (NIOC)'s Managing Director Ali Kardor announced that offering crude oil at Iran Energy Exchange (IRENEX) will be commenced on October 28 to thwart US sanctions.

"We're seeing some buying come back in", said Phil Flynn, an oil market analyst at Price Futures Group in Chicago.

He also said that the US response to Saudi Arabia would likely be "very severe" but he would still want to get to the bottom of what exactly happened.

Indian refiners also cut imports of Iranian oil purchases last month in a sign they are preparing for November.

Oil traded near the lowest level in a month after a bigger-than-expected gain in American stockpiles overshadowed tensions between the USA and Saudi Arabia.

Saudi Arabia and Kuwait will flounder to resume oil production from jointly operated fields that produced some 500,000 barrels per day any time soon due to operational differences and increasingly sour political ties, according to sources.

The weak economic data raised concerns that the country's trade war with United States is beginning to have an impact on growth, which may limit China's oil demand.

Currently, President Trump is calling for a full report on the disappearance, but has also cited Saudi Arabia's importance as a military ally and trade partner, leading many to expect that any USA response will be muted, with little impact on oil prices.

As the USA sanctions on Iran loom, the panic in the market over the loss of Iranian crude is increasing.

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