Japan's oil distributors plan to stop importing Iranian crude in October

Crude Oil Market Focuses On Supply Risk Not Trump Threats As Oil Sees Monthly Gain

Even though the crude market of late has seen sporadic upward movement based largely on fear that US sanctions against Iran and weekly USA inventory draws herald a market tightening, it's hard to ignore fundamentals suggesting the reverse: and on Monday crude prices held steady as data revealed rising supplies and slowing demand.

Crude is up 9% since mid-August as WTI flirts with $70 per barrel.

"These Iranian barrels that we're going to lose, it's really going to hurt". "It therefore remains unclear whether OPEC will be able to absorb a potentially massive fall in Iranian oil exports due to the U.S. sanctions", they added.

Oil is a seasonal weak spot for crude oil. He also stated that the Iranian production is already giving indications of declining.

Europe is looking to open bank accounts in Europe for Iran to deposit oil revenues and secure Iranian oil exports, Iranian media quoted Deputy Foreign Minister Abbas Araqchi as saying.

Despite these fears, the global markets don't have much to worry about as they are still fairly well supplied.

The second-largest production increase came from Iraq and the United Arab Emirates: each raised daily oil output by 80,000 barrels last month .

Meghan McCain takes jab at Trump during father's eulogy
When she was just 19 years old, Roberta eloped with 20-year-old Ensign Jack McCain in Tijuana, beginning her life as a Navy wife. The service at Washington National Cathedral is one of several events honoring McCain's life this week.

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Democrat Andrew Gillum Calls For Confederacy. CNN's Cuomo Loves It.
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The plant, which had been nearly inactive for the last few years, was re-opened for the production of uranium hexafluoride as a major part of the Uranium Conversion Facility (UCF) in Isfahan. It is due to this high count of oil rigs that the USA has been able to maintain such high production rates. Russian production has now surpassed the Soviet era peak above 11 million barrels per day.

The ongoing trade wars between the U.S. and some of the world's biggest economies, including the European Union and China, could hurt the demand for oil if they aren't settled soon.

Oman's oil minister, also speaking to CNBC, said not enough attention was being paid to how trade tensions could damage China's demand for oil.

China's manufacturing activity grew at the slowest pace in more than a year in August, with export orders shrinking for a fifth month, a private survey showed on Monday. Kildruff predicts that oil prices could near the $85-$95 range due to the loss of Iranian oil worldwide and rising gasoline demands.

"It isn't at all clear that such type of economic headwinds will topple oil prices given ... the constant barrage of supply outages", Innes said.

Bahrain and Oman's oil and gas ministers both told CNBC Monday that China's demand for oil could decline on the back of its trade dispute with the USA that has seen tariffs imposed on a wide range of Chinese imports.

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