An Iranian newspaper reported that Foreign Minister Mohammad Javad Zarif said a US plan to reduce Iran'soil exports to zero will not succeed.
USA sanctions on Iran's energy sector are set to be re-imposed after a 180-day "wind-down period" ending on November 4.
China's July crude oil imports recovered slightly in July after falling for the previous two months, but were still among the lowest this year due to a drop-off in demand from the country's smaller independent, or "teapot", refineries.
Brent and West Intermediate Texas crudes traded generally sideways last week, despite the pronounced weakness at the end of the week. Tuesday's sanctions primarily hit Iran's ability to function in global financial markets. "Iran sanctions will take another 1 million bpd off the markets", warning that this would leave markets with little spare capacity to deal with unforseen disruptions.
"If we get below $66 here, you're arguably violating the long-term uptrend channel", he said, referring to USA crude's upward trajectory this year.
The renewed sanctions will not directly target Iranianoil until November, although U.S. President Donald Trump has said he wants as many countries as possible to cut their imports of Iranian crude to zero. Iran is the third-largest producer in oil cartel Opec. The U.S. crude oil production went down to 10.8 million barrels per day.
Also weighing on prices, the U.S. Energy Information Administration reported that crude inventories fell just 1.4 million barrels in the latest week, less than half the 3.3 million-barrel draw analysts had expected. Earlier today, crude oil sold off after it was announced that Saudi Arabia has resumed oil shipments through the Red Sea shipping line of Bab al-Mandeb over the weekend.
As recently as June, China was the top foreign buyer of United States crude, importing a record 15 million barrels that month.
For the past week, crude imports averaged 7.9 million barrels a day, up by 182,000 compared with the previous week.
Oil prices dropped nearly 4 per cent yesterday amid deepening concerns over the US-China trade war and continued signs of a slowdown in Chinese energy demand.
Analysts in a Reuters poll had expected stocks to drop by 3.3 million barrels.
Meanwhile, traders looked ahead to a report from The American Petroleum Institute on US crude inventory, due this evening. In Europe, spot demand for Iranian crude is sharply down, but refiners with term contracts are still honoring them, according to sources who spoke to Platts.
Taking Tesla's shares out of public markets would make it much more hard for people to engage in short selling of Tesla's stock. What seemed like a joke at first may be serious and as the company's stock price went insane , trading had been halted .
More than 129 million trees have died since 2010 in California , a problem that state officials trace back to climate change. The victim was a 21-year-old Pacific Gas and Electric worker who was working to restore power lines damaged in the fire.
After giving several revealing interviews to the press, he has claimed he's been cut off from contact with Meghan. Prince William and Kate Middleton are also not far behind when it comes to giving each other nicknames.
Parts of the Iberian peninsula are bracing themselves for a surge in temperatures amid warnings of the first heatwave of the year. Europe is set to reach its hottest day ever as risky temperatures up to 48C are expected to hit Spain and Portugal this weekend.
The Moto Z3 shows how much Motorola is off the radar this year as the device comes with last year's Snapdragon 835 SoC. The connectivity option includes, 4G VoLTE, Bluetooth v5.0, Wi-Fi 802.11 a/b/g/n/ac, GPS/ A-GPS, and USB Type-C.
China's exports soared in July, showing little impact from USA tariffs, as Washington finalises more duties on Chinese imports. China announces tariffsin retaliation to the steel and aluminum duties and promises a response to the latest USA announcement.
Both sides have four victories apiece in the fixture. "I am going to learn a lot to see him every weekend", Guardiola added. Saturday will mark the tenth anniversary of Sheikh Mansour's purchase of the club and what a transformation he's made.
The twin-engine Cessna plane crashed in Santa Ana, and had been bound to John Wayne Airport in Orange County, said Capt. Hakimi and two victims were co-workers at Pacific Union International, a San Francisco Bay Area real estate firm.
O'Connor said in a speech Tuesday that he's ready to go on to November, where he and Balderson will run again. Kobach is widely seen as uniquely vulnerable in a general election due to his controversial national profile.
Gates also testified he and Manafort knew it was a crime because they had been notified by Manafort's accountants in emails. Manafort's attorneys have sought to blame Gates for the financial crimes, in addition to embezzling money from Manafort.
Mourinho hopes World Cup players can feature in opener
But the Daily Star On Sunday believes that Pogba's agent Mino Raiola could push through a move to the Nou Camp for Pogba. The club's pre-season tour of the United States has hardly increased confidence in Mourinho's project.
Bloody weekend in Chicago leaves 11 dead, 70 wounded
On Sunday, police pointed out that - despite the weekend violence - murders in the city are down 25% so far this year. Police Patrol Chief Fred Waller said Sunday that in some cases, gang members are using large summer crowds as cover.
Iran imports plane parts before U.S. sanctions kick in
The US administration has vowed to impose sanctions on any company continuing to buy oil from Iran after the November 4 deadline. He said the exercise, which he described as an annual drill, was aimed at maintaining the security of the global waterway.
Yellowstone Tourist Filmed While Taunting Bison
The bison can be heard making grunting noises in the video as he crosses the road and the unidentified man squares up. The man is able to dodge out of the way and walks away from the bison, which turns its attention on nearby vehicles.
Employment overall lags, while trucking adds 4400 jobs in July
Strong demand from consumers and businesses sharply reduced the stockpiles of goods held on many store shelves and warehouses. But the Bureau of Labor Statistics revised the past two months upward by 59,000 to 248,000 jobs in June and 268,000 in May.