21-08-2018 04:15 PM
Oil prices were assorted on Tuesday as the crude supply is likely to decrease as soon as U.S. enforces economic approval against Iran in November.
Crude Oil was trading higher at $65.61 at the time of preparing this report.
U.S. offered on Monday 11 million barrels of crude from its Strategic Petroleum Reserve for delivery from Oct. 1 to Nov. 31 to avoid a huge shift in oil prices once the approval is given.
French oil giant, Total mentioned in reports that it would stop imports and discard Iranian projects for operations in the U.S.
In the interim, China will use oil tankers from Iran to buy its crude and has cut imports of U.S. oil in the midst of a trade war with Washington.
The two are ready for trade talks on Tuesday and Wednesday, but Trump said in a meeting that he does not expect much to occur at the meeting.
The US is expected on Thursday to impose 25% tariffs on an additional $16 billion in Chinese imports, and Beijing has endangered to strike back with 25% tariffs as well.
Saudi Arabia might be looking to increase its oil production by building an oil port in Yemen’s al-Mahra governorate, where the Saudi-led union troops are present. Yemen has resumed its oil exports in the midst of humanitarian crisis and wars.