China shipowners stop hauling Iranian oil as USA sanctions near

China shipowners stop hauling Iranian oil as USA sanctions near

China shipowners stop hauling Iranian oil as USA sanctions near

US light crude CLc1 was 10 cents lower at $67.76. The three fields contribute about 45,000 to 50,000 bpd to the North Sea's Forties and Brent crude streams.

After fading into the print, WTI rebounded after API reported a bigger than expected crude draw.

US crude and fuel stockpiles dropped more than expected last week, industry group the American Petroleum Institute (API) said on Tuesday.

Brent crude oil futures were at $74.65 per barrel, down 13 cents from their last close.

Refinery crude runs slipped 89,000 barrels per day (bpd) from the previous week's record high to 17.9-million bpd, EIA data showed.

By October, Nigerian oil supply is projected to hit a three-month high with a total of 38 cargoes, derived from daily loadings averaging 1.12 million barrels.

According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 5.8 million barrels during the week ending August 17.

Oil is poised for its first weekly gain in two months as shrinking USA crude inventories, a strike in the North Sea oil and gas fields and looming sanctions on Iran point to tighter supplies.

According to the news report by Bloomberg, the price of oil went up despite low trading volumes, just ahead of the weekly crude oil supply data report in the US.

"The Iran issue continues to occupy traders' minds", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Nigeria earned as much as N7.93 trillion ($26 billion) from oil exports between January and July this year, making it the sixth largest revenue earner among the Organisation of Petroleum Exporting Countries (OPEC) member nations.

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.

Global markets weakened as the intensifying trade spat between the United States and China was seen as a drag on economic growth.

Worries that Mexico's incoming administration would not strike a bilateral agreement over NAFTA with the US also weighed on the market, traders said.

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