Oil Flat After US Considers Waivers to Iran Oil Sanctions

Oil prices were mixed on Tuesday, as price gains on supply concerns in Norway and Libya were tempered by the United States’ indication that it would consider requests for waivers from Iranian oil sanctions.


West Texas Intermediate graph

Brent crude futures LCOc1 gained 48 cents to $78.55 per barrel by 1:45 p.m. EDT (1745 GMT). Earlier, the global benchmark hit a session high of $79.51.

U.S. crude futures CLc1 were down 7 cents at $73.78, after hitting a high of $74.70.

Earlier in the session, prices had been within striking distance of the four-year highs, said Bob Yawger, director of energy futures at Mizuho.

Prices retreated after U.S. Secretary of State Mike Pompeo said that the United States would consider requests from some countries to be exempted from sanctions on Iranian oil that it will put in effect in November

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza