By Stephanie Kelly
NEW YORK (Reuters) – Oil prices indicate a stagnant five-day recession since the United States has officially imposed penal sanctions on Iran, but it has given temporary waivers to allow eight countries to continue receiving oil from the interim Islamic Republic. then increased on Monday.
Sanctions are part of US President Donald Trump's efforts to stop Iran's missile and nuclear programs and reduce its influence in the Middle East.
Oil markets for months envisages sanctions. While the price levels of major producers, including Saudi Arabia and Russia, have been at record levels, prices have remained under pressure, while weak economic figures in China have raised suspicion over the demand outlook.
Bob Yawger, director of the future in Mizuho in New York, said limited sanctions on limited sanctions and the recent weakness in the stock markets expressed concern over global oil demand.
"We don't get the price rally that many participants think they will get out of Iran sanctions," Yawger said.
Brent raw futures, 89 cents at 10:59 (ETS) (1559 GMT), won $ 73.72 per barrel. US West Texas Intermediate (WTI) raw futures rose 57 cents to $ 63.71.
Both oil criterions have fallen by more than 15 percent since the four-year high at the beginning of October. Hedge funds lowered bullish bets towards a one-year low level in crude oil.
Foreign Minister Mike Pompeo, said in a statement on Monday, the US & # 39; s eight countries, China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea & # 39; he said that he allowed him to continue to temporarily buy Iranian oil. Some of these are OPEC's largest customers in Iran.
US officials, the purpose of sanctions at the end of Iran should stop all oil exports, he said.
More than 20 countries have cut their imports of oil from Iran and purchases have declined by more than 1 million barrels per day, Pompeo said.
Iran said on Monday that it will be destroyed by sanctions and will continue to sell oil abroad.
The Chinese foreign ministry said it regretted the US movement.
The combined production from Russia, the United States and Saudi Arabia for the first time in October rose to over 33 million bpd, and has reached 10 million bpd since 2010.
The Abu Dhabi National Oil Company announced that it plans to increase its oil production capacity to 4 million bpd by the end of 2020 and to 5 million bp by 2030. On Sunday, it was just over 3 million bpd.
The analysis firm Kayrros' data showed that Iran's crude oil production has not changed substantially from September to October, indicating that the market has been launched with additional production from Saudi Arabia and Russia.
(Reporting by Stephanie Kelly of New York, Christopher Johnson of London and Henning Gloystein in Singapore, editing by Jason Neely and Louise Heavens)
This story has not been edited by Firstpost personnel and is created by automatic feed.