MTECHTIPS;-Crude Oil Prices Settle Higher as Sanctions on Iran Get Underway

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MTECHTIPS;-Crude Oil Prices Settle Higher as Sanctions on Iran Get Underway

MTECHTIPS-crude oil prices settled higher Tuesday after the United States renewed financial sanctions against Iran while expectations for a slowdown in the pace of U.S. output also lifted sentiment. On the New York Mercantile Exchange crude futures for September delivery gained 16 cents to settle at at $69.17 a barrel, while on London’s Intercontinental Exchange, Brent rose 1.10% to trade at $74.57 barrel. The financial sanctions, which got underway at 12:01 AM ET (04:01 GMT) Tuesday, aim to curb Iran’s purchases of both U.S. dollars and metals including gold, its automotive sector and its ability to raise funds by through sovereign debt issuance. Investor expectations that the United States would maintain its tough stance on Iran were further strengthened after Iranian President Hassan dismissed President Donald Trump’s recent offer for direct talks. “Trump’s call for direct talks is only for domestic consumption in America ahead of elections” … and “to create chaos in Iran,said on Tuesday. Following the re-imposition of sanctions on Iran, Trump issued a strong warning against anyone trading with Iran

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