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HomeCommodity NewsOil Ends Down Again; Questions Linger Over Iran Sanctions

Oil Ends Down Again; Questions Linger Over Iran Sanctions – With a little more than two weeks to go until the most-anticipated development in oil markets this year, traders look flummoxed about the impact of Iran oil sanctions due Nov. 4.

Prices for New York-traded WTI futures and its U.K. peer Brent settled down again on Thursday after falling 3% the previous day, as U.S. oil inventories showed an outsized build for a fourth week running.

Data from TankerTrackers, an independent oil cargo surveyor, showed on Wednesday that Iran exported 2.2 million barrels per day in the first two weeks of October, not far from the peak of 2.7 million bpd it shipped in May before the U.S. decision to reimpose sanctions against the Islamic state.

Meanwhile, Turkey’s top refiner, Tupras, was in talks with U.S. officials to obtain a waiver allowing it to keep buying Iranian oil after Nov. 4, Reuters reported, citing industry sources.

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