'India seeks to continue importing Iran oil despite US sanctions'

'India seeks to continue importing Iran oil despite US sanctions'

"Oil prices jumped overnight as inventories drew down more than expected", said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

US inventory data has been volatile in recent weeks, with the EIA last week reporting a 6.8 million barrel increase in crude stocks for the week prior. "Crude stocks drew due to sharply lower crude imports and near-record refinery crude runs".

Brent crude futures rose $2.15, or 3 percent, to settle at $74.78 a barrel.

Futures in NY were little changed, headed for a weekly gain of about 3 percent.

Chinese shipowners have quit hauling Iranian crude oil, while Iran has been putting in place measures to ensure its trade with China continues, despite the upcoming second round of USA sanctions, Kallanish Energy learns.

China's shipowners are shunning Iran's oil, while the OPEC producer is using its own tankers to supply top customers as impending U.S. sanctions threaten to disrupt global crude trade.

Government data on Wednesday showed nationwide U.S. crude stockpiles declined 5.84 million barrels last week, more than double what was expected in a Bloomberg survey of analysts.

Liverpool top after Salah goal sinks Brighton
We won the game very deservedly. "So we're happy with the three points, but the performance could've been a lot better". We didn't show the same patience and it was a more open game and there was absolutely no need for that.

Two major geopolitical events have been affecting the volatility of oil prices: US President Donald Trump is sticking to his pledge to cut off Iran from the rest of the world with economic sanctions, squeezing the country's energy trade.

Today, three months before the November deadline when the sanctions are due to take effect, Iran's outflow has already fallen by around 430,000 barrels and the nation has to rely more on its own fleet of tankers to carry oil to its customers, clearly showing that buyers are hesitant to continue purchasing Iranian oil.

According to BNP Paribas' London head of commodity markets strategy, Harry Tchilinguirian, considering the amount of oil lost from Iranian exports, it would need increases in production from other suppliers like Saudi Arabia to stabilize the oil market.

Worldwide markets were weaker as the ongoing trade spat between the United States and China was seen as a drag on economic growth.

But prices have come down since then in the wake of plans by the Organization of the Petroleum Exporting Countries and partner producers like Russian Federation to begin ramping up crude output after more than a year of holding back production.

USA and Chinese officials were set to resume talks on Wednesday, but Trump said he expected there will be no real progress.

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