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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 : 183

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

Best Opportunities, Vision and Technical Analysis for The Oil 22 March 2019

  (CURDE OIL - WTI ) Time frame Used - four hours Oil is moving in a bullish direction in the near term. Oil continues to gain further after breaking the resistance level around 57.87 higher as the bulls managed to push oil to the level of 60.26. In view of the technical indicators Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought…

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