MORNING LIVE CRUDE OIL UPDATE ::
Oil prices edged down on Tuesday morning in Asia on the news that the Trump administration would impose gradual sanctions on Iran to avoid a global spike in oil prices.
Crude Oil WTI Futures for December delivery inched down 0.29% to $62.92 a barrel at 11:13 PM ET (03:13 GMT) on the New York Mercantile Exchange, while London’s Intercontinental Exchange showed that Brent Oil Futures for January 2019 delivery went down 0.44% to $72.85 per barrel.
U.S. President Donald Trump said on Monday that he intends to impose crude sanctions on Iran gradually, lifting concerns over tighter supply from Iran’s crude downfall.
“We have the toughest sanctions ever imposed, but on oil we want to go a little bit slower because I don’t want to drive (up) the oil prices in the world,” a Reuters’ report cited Trump.
On Monday, Washington re-imposed sanctions on Iran’s oil, banking and transports, with a view to halting Tehran’s nuclear programs. Trump vowed to pull Iran’s crude exports to zero previously.
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