Brent crude oil commodities prices drop more than 1 percent on October 08, 2018, after the US stated that it might grant waivers on Iran’s crude oil exports sanctions, and as Saudi Arabia is ready to replace any possible shortage from Iran.
Brent oil prices in London witnessed a fall for a third day owing to US’s decision to grant waivers to sanctions against Iran’s crude oil exports next month. The crude oil prices are also reacting to Saudi Arabia’s assurance to replace the lost Iranian barrels.
International benchmark Brent crude oil futures fell about 1.1 percent to lower than 84 Dollars per barrel, after receding 2.5 percent over the last two sessions.
The Saudi Arabia kingdom’s crown prince stated in an interview that the country could beat its spare production capacity as early as possible to balance any shortfalls in Iranian crude exports. Meanwhile, the U.S. was said to be in talks with Iranian-oil buyers over waivers to Iran Crude Sanctions that is to be re-imposed on November 04, 2018. These two reasons led to the drop in Brent crude oil commodities prices.
US WTI (West Texas Intermediate) crude futures were down 0.8 percent, at 73.80 Dollars per barrel, on the New York Mercantile Exchange. The contract added 1 cent making WTI at 74.34 Dollars a barrel, on October 05, 2018, according to a report on Bloomberg. However, the WTI crude futures fall below 74.34 Dollars a barrel.
From November 04, 2018, US sanctions would focus Iran’s crude oil exports, and Washington has been emphasizing the governments and companies worldwide to reduce their imports to zero. However, there would be exemptions for countries that have already taken steps to reduce their imports of Iranian oil, stated a US government official, on October 05, 2018, as reported on Money Control.
The further drop in the Brent crude oil commodities prices was due to the reason that the Saudi Kingdom has replaced Iran’s lost oil completely, said Stephen Innes, heal ad of trading for Asia-Pacific, Futures Brokerage Oanda in Singapore.
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