FOX LIVE NEWS UPDATE

UPDATE 3-Oil prices mixed as economic concerns weigh, Iran sanctions loom

Aug 20 (Reuters) – Oil prices were mixed on Monday, weighed down by concerns over slowing economic growth but supported by the expected impact of U.S. sanctions on Iran, which will start targeting the petroleum industry from November.

Brent crude futures LCOc1 , which act as a benchmark for international oil prices, were at $71.80 per barrel at 0706 GMT, close to their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 6 cents at $65.85 per barrel.

Traders said U.S. sanctions against Iran were supporting prices. The U.S. government has introduced financial sanctions against Iran which, from November, will also target the country’s petroleum sector.

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