Oil is poised for the longest weekly losing streak since August.
However, a global collapse in equities has roiled oil markets this week.
With U.S. sanctions on Iran coming into effect on November 4, the global oil trade will surely feel the impact. The minister added that Saudi Arabia would work to increase supply.
U.S. President Donald Trump withdrew Washington from the Iranian worldwide nuclear agreement in May and vowed to re-impose sanctions on Iran's financial, automotive, aviation and metal sectors.
The Wall Street Journal reports that China is cutting some of its oil trade with Iran after vowing for months to resist USA sanctions on the exports, providing Washington with an unexpected boost to its efforts to isolate the Islamic Republic. The U.S. benchmark is heading for a 3.4 percent loss this week. The report specifically said that Saudi Arabia and Russian Federation were the most vulnerable, particularly in a lower oil price environment.
Public sector companies in India placed orders with Iran for oil supply during November, said Sunjay Sudhir, joint secretary for global cooperation at the Ministry of Petroleum and Natural Gas. The contract gained 51c on Thursday.
Brent crude futures rose 42 cents to $77.31 a barrel by 1:16 p.m. EDT (1716 GMT). Prices are down 4.3% for the week.
In the months following the full implementation of sanctions in November, the total volumes of crude oil and condensate coming off the market will become more apparent.
"The committee.expressed concerns about rising inventories in recent weeks and also noted looming macro-economic uncertainties which may require changing course". The crude oil was already under the pressure after energy minister of Saudi Arabia tried to fulfill all the worldwide demand of crude by assuring them.
Following the brutal killing of Saudi Journalist at the Saudi consulate in Istanbul, There have been lots of tensions between Saudi rulers and their western allies particularly the U.S. America has always been the kingdom's most important partner and the President has made it the centerpiece of his efforts to isolate Iran. Great earnings from oil companies like ConocoPhillips don't matter after Amazon misses, rising fears about a global economic slowdown.
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