MTECHTIPS;-Oil Prices Rise As US Rig Count Drops, Iran Sanctions Loom

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MTECHTIPS;-Oil Prices Rise As US Rig Count Drops, Iran Sanctions Loom

MTECHTIPS-Oil prices climbed on Monday morning as U.S. energy firms cut output from some rigs last week and the supply is expected to tighten as Washington’s sanctions against Iran take effect in November. Crude Oil WTI Futures for October delivery rose 0.65% to $68.19 per barrel at 11:58 PM ET (03:58 GMT), while Brent Oil Futures went up by 0.61% to $77.30. U.S. energy companies cut out two rigs last week, bringing the total to 860, according to energy services company Baker Hughes. Reports showed that the rig count in the U.S. has stagnated since May. U.S. sanctions against Iran, the world’s fifth largest oil exporter, will take effect in November. Energy consultancy FGE said various Iran customers including India, Japan and South Korea have been cutting back on Iran crude purchases. “Governments can talk tough. They can say they are going to stand up to Trump and/push for waivers. But generally, the companies we speak to… say they won’t risk it. U.S. financial penalties and the loss of shipping insurance scares everyone,” said FGE.

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