U.S. agrees to grant India waiver from Iran sanctions

U.S. agrees to grant India waiver from Iran sanctions”

While futures in NY edged higher on Friday on signs of a possible trade deal between the USA and China, they're still on course for a 5.7 percent weekly loss.

Brent and USA futures have dropped on growing concern over a possible slowdown in global growth as the U.S-China trade dispute remains unresolved, and is starting to hit emerging market economies in particular.

The US government has agreed to let eight countries, including close allies South Korea and Japan, as well as India, keep buying Iranian oil after it reimposes sanctions on Tehran from next week, Bloomberg reported on Friday (Nov 2), citing a US official.

Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil - US Crude-bearish contrarian trading bias.

Asked about reports that the U.S. was going to grant India waiver from the Iran sanctions, Spokesperson in the Ministry of External Affairs Raveesh Kumar said the government has not heard anything from Washington. The contract fell $1.62 to $63.69 on Thursday.

Brent for January settlement slipped 33 cents to $74.71 a barrel on the London-based ICE Futures Europe exchange. The contract declined 3.4 percent in the past three sessions. The global benchmark crude traded at $9.33 premium to WTI for the same month.

Investors will look to official government data on US inventories due on Wednesday.

With Saudi Arabia pumping out 10.65 million bpd so far in October, combined output from the top three oil producers is now higher than ever, at 33.41 million bpd, meaning that Russian Federation, the United States and Saudi Arabia alone meet more than a third of the world's nearly 100 million bpd of crude oil consumption.

Despite the lower output from Iran, some exports from the Persian Gulf nation will likely continue if the Trump administration officially grants waivers to India, South Korea and potentially others.

The Iranian rial has hit record lows against the USA dollar in recent months under the threat of revived US sanctions, with heavy demand for dollars among ordinary Iranians trying to protect their savings.

Brent and US crude posted their biggest monthly percentage decline since July 2016 in October, with Brent down 8.8 percent for the month and USA crude losing almost 11 percent.

According to S&P Global Platts trade flow data, Iran's oil shipments to China between October 1 and 21 averaged 800,000 bpd, up from around 600,000 bpd average for September.

WorleyParsons Ltd., the Australian engineering firm that designs massive energy projects, is seeing customers returning to sea - albeit at a more subdued pace.

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