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Oil is declining with several countries allowed to supply Iranian oil

2018-11-06 08:16 am | Resource: News | No Views : 53

Crude prices traded in the red zone on Tuesday after several countries received exemptions from Iran's sanctions, which went into effect on Monday. Washington has made concessions to eight countries - China, India, Turkey, Greece, South Korea, Japan, Italy and Taiwan - which allowed countries to resume Iranian oil consumption for 180 days.

  The United Kingdom and Norway are committed to a comprehensive joint work plan

Iranian Foreign Minister Mohammad Javad Zarif held separate telephone talks with his British and Norwegian counterparts to discuss the Joint Comprehensive Action Plan (JCPOA) and bilateral relations, the ministry said.

British Foreign Secretary Jeremy Hunt reiterated his country's support for the nuclear deal and stressed the need to establish and implement a European push mechanism that would allow signatories to bypass the United States sanctions. The Norwegian Foreign Minister, Ari Marie-Ariksen Surayd, affirmed Oslo's support for the implementation of the Joint Joint Action Plan (JCPOA) as well as the need for "mutual cooperation" between the two countries.

Earlier, Washington re-imposed all sanctions it had imposed on Iran before signing the 2015 deal.

Besides, the Sino-US trade war raises investors' fears of a global economic slowdown and thus weak energy demand and lower prices. Concerns about slowing global economic growth have also affected investment incentives as market watchers were worried it could have a negative impact On the demand for oil.

Oil trading

  • The WTI index for December delivery lost 0.41%, shedding $ 62.84 a barrel at 8:47 CET
  • While the benchmark Brent crude for delivery in January fell 0.64% to be sold for 72.70 dollars per barrel at the same time.

Other analysis

OIL Technical analysis 16 November 2018

Time frame Used - four hours Oil is moving in a bearish direction in the near term. Oil is still under selling pressure, as it has not been able to test the resistance level 57.88 to face oil selling pressure around the level of 57.37 to fall back down again. In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of indicators to the…

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