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02 November 2018, 07:31 | Kelvin Horton
The more-active January Brent contract fell 91 cents to end the session at $75.04 a barrel.
Oil is also under pressure from rising output by the world's biggest producers - Russia, the United States and Saudi Arabia - who are helping to replenish global oil inventories after more than a year of stock draws.
The United States has imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of US goods.
Financial markets found some support on Tuesday from reports that U.S. President Donald Trump thinks "a great deal" with China is possible on trade.
Trump's goal by exerting energy sanctions on Iran was to minimize the country's sources of income in the current economic war against Iran, he said.
The pressures pushed oil prices to a four-year high at the start of October with Brent crude oil selling for more than $86 per barrel. "There's probably an element of truth to that", said Bob Yawger, director of futures at Mizuho in NY.
Speaking to Shana, Saeed Khoshroo, the director of worldwide affairs at NIOC, said the prices were charged based on the global oil prices; therefore, if the traded shipments were quoted lower during IRENEX Sunday session than the base price announced by NIOC in an earlier announcement, it was because of price fluctuations in the global market. One is led by National Security Adviser John Bolton, who wants the toughest possible approach, and another by State Department officials keen to balance sanctions against preventing an oil price spike that could damage the USA and its allies.
Figures released by investment banks, tanker-tracking firms and the International Energy Agency showed that Iran was selling roughly 1.7 million to 1.9 million barrels per day of crude oil and condensate, a super light form of oil, in September.
That's an increase of 10 million bpd since the start of the decade and means these three producers alone now meet a third of global crude demand.
On the supply side, however, oil markets remain tense ahead of looming U.S. sanctions against Iran's crude exports, which are set to start next week and are expected to tighten supply, especially to Asia which takes most of Iran's shipments. Stockpiles were expected to have risen about 4.1 million barrels in the week ended October 26, an extended Reuters poll showed on Tuesday.
That has set off a scramble by some of Iran's biggest energy buyers, including China and USA allies such as India and Turkey, to either get around the US sanctions or make up the shortfall elsewhere.
The United States is preparing to re-impose a new set of sanctions on Tehran's oil and banking sector on 4 November.
This story has not been edited by Firstpost staff and is generated by auto-feed.
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