Tackling US sanctions: Iran offers discounted oil to Asia

Saudi Arabia reins in oil production as demand forecasts waver

Benchmark Brent crude oil was down 10 cents at $72.71 a barrel by 11:30am GMT.

OIL traded near US$68 a barrel after Iran ruled out talks with the USA, heightening concerns over global supply and countering fears of wider market turmoil from a crisis in Turkey.

Analysts polled by S&P Global Platts Monday were looking for U.S. crude inventories to have declined by 1.7 million barrels for the week ending August 10, with refinery runs remaining high on healthy margins and strong export demand.

Traders expect growth to slow further as the Iran sanctions take hold, the trade spat between the United States and China escalates, and as Asia's emerging markets show signs of cooling.

Advances were capped by concerns that a rising U.S. Dollar would dampen demand for the dollar-denominated asset. USA light crude was to 67.33 dollars.

22 dead in Italy after motorway bridge collapses
The office of Prime Minister Giuseppe Conte said he was heading to Genoa in the evening and would remain there on Wednesday. So far, 16 people have been hospitalised, including 10 in critical condition, the agency said.

Opec has revised down its forecast oil demand growth by 20,000 barrels a day from last month's report, to 1.64 million barrels a day this year.

This is compounding worries that a deepening trade war between the United States, China and the European Union will squeeze business activity in the world's biggest economies.

This was said to be due to weaker-than-expected oil demand data from Latin America and the Middle East in the second quarter.

The futures markets were further weakened late in the session after data from industry group the American Petroleum Institute (API) showed that USA crude stocks unexpectedly rose by 3.7 million barrels the week-ending August 10, compared with analysts' expectations for a drawdown of 2.5 million barrels.

Hedge funds and other money managers cut their bullish positions on U.S. crude to the lowest level since June, data showed on Friday.

Landslides caused by monsoon rains kill 19 in southern India
A 24×7 monitoring cell has been set up at the Secretariat here to co-ordinate the relief works with various district collectors. An alert has been issued to people living in the downstream areas and on the banks of Cheruthoni and Periyar rivers.

Despite the cautious mood in oil markets, bullish sentiment found some support from expectations that USA sanctions against Tehran would restrict Iranian crude exports, tightening global supply.

According to state-run media in Iran, Chinese companies are keen on buying oil from Iran despite unilateral sanctions put in place by the United States.

"Oil prices are on the rebound as bulls take heart from an unexpected dip in Saudi oil output and the lingering Iranian wildcard", said Stephen Brennock, analyst at London brokerage PVM Oil Associates.

Opec, the cartel that pumps about a third of the world's oil, said its modelling suggested "that the tariffs, under the most likely case, will not have a significant..."

Under pressure over rising gas prices, Trump in July called on the Organization of Petroleum Exporting Countries to bring down oil prices.

Manchester United vs. Leicester City live stream info, TV channel
The Portuguese went some way to countering suggestions he is unhappy with his squad at his pre-match press conference. The Premier League is back with a bang on Friday night as Manchester United host Leicester City at Old Trafford .

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