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Oil prices fell after the US said it would consider requests from some countries for waivers from the Iran oil sanctions that take effect in November. Brent was down $1.10 at $77.76 and US crude was down 68 cents.
Washington had said earlier that buyers must halt all Iranian oil imports by November 4.
Possible sanction exemptions raise expected Iranian export volumes, adding supply and pressuring crude prices. Lower energy prices can ease biofuel and feed-processing costs.
thehindubusinessline.comReutersJul 11, 2018After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
The US signaling possible waivers on Iran sanctions reduced expected supply loss, pressuring prices the same day.
