Oil prices held little changed on Tuesday, as more evidence emerged that crude exports from Iran are declining in the run-up to the reimposition of U.S. sanctions, while a hurricane moved across the Gulf of Mexico, Reuters reports.
Brent crude was down 7 cents at $83.84 a barrel by 0020 GMT. On Monday, Brent fell to a low of $82.66, but mostly recovered as investors bet China’s economic stimulus would boost crude demand. Brent hit a four-year high of $86.74 last week.
U.S. crude was down by 1 cent at $74.28 a barrel, having fallen as low as $73.07 in the previous session to close the day just 5 cents lower.
Iran’s crude exports fell further in the first week of October, according to tanker data and an industry source, taking a major hit from U.S. sanctions and throwing a challenge to other OPEC oil producers as they seek to cover the shortfall.
The Islamic Republic exported 1.1 million barrels per day (bpd) of crude in that seven-day period, Refinitiv Eikon data showed. An industry source who also tracks exports said October shipments were so far below 1 million bpd.
That’s down from at least 2.5 million bpd in April, before President Donald Trump in May withdrew the U.S. from a 2015 nuclear deal with Iran and reimposed sanctions. The figure also marks a further fall from 1.6 million bpd in September.
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