Published: Mon, October 08, 2018
Money | By Ralph Mccoy

Crude oil futures fall 1.44% on weak global cues

Crude oil futures fall 1.44% on weak global cues

United States crude was down 0.7 percent at $73.80 a barrel.

In May, Trump pulled the U.S. out of the Iran nuclear deal despite objection from the other signatories, the UK, Russia, Germany, China, and France, re-imposing sanctions lifted under the deal.

The official said the administration "is ready to work with countries that reduce their imports on a case-by-case basis".

The US administration is "in the midst of an internal process" of considering significant reduction exemptions, Reuters reported quoting an unnamed government official.

Two companies in India, a big buyer of Iranian oil, have ordered barrels in November, India's oil minister said on Monday.

The world's third-biggest oil consumer, India, will continue importing crude from Iran despite USA threats to punish companies working in the Islamic Republic past the November sanctions deadline, Reuters reports.

USA president Donald Trump is reported to be "actively considering waivers" on sanctions on Iranian oil imports for some countries ahead of the November deadline.

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White House National Security Adviser John Bolton said on Thursday that the administration's goal was that there be no waivers and "exports of Iranian oil and gas and condensates drops to zero".

He argues that it would put in jeopardy projects such as Chabahar Port in south-eastern Iran which India sees as both an entry channel for Afghanistan and counter-balance to the nearby Chinese-built Gwadar port just across the border in south-western Pakistan.

"India is continuing with its relationship with both its key energy partners Iran and the U.S.", a second source said.

Saudi Arabia's ARAMCO has said it will make up for market demands for crude in Iran's place. No one else will believe him. He said that nine million barrels of oil are expected to be purchased.

Zanganeh accused Tehran's regional rival Saudi Arabia of bowing to USA pressure, saying such remarks had no "real impact on the market" but were part of a psychological war launched against Iran.

Prince Mohammed told Bloomberg: "The request that America made to Saudi Arabia and other OPEC countries is to be sure that if there is any loss of supply from Iran, that we will supply that".

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