Oil retreated below $47 in New York after OPEC officials failed Monday to work out a compromise on a deal to cut production and boost crude prices. Futures lost as much as 2.3 percent. West Texas Intermediate for January delivery lost as much as $1.06 to $46.02 a barrel on New York Mercantile Exchange and was at $46.09 at 12:15 p.m. in London. Prices Monday rose $1.02 to $47.08 a barrel. Brent for January settlement, which expires Wednesday, lost as much as $1.07, or 2.2 percent, to $47.17 a barrel on the London-based ICE Futures Europe exchange. The contract advanced 2.1 percent to $48.24 a barrel Monday. The global benchmark traded at a $1.23 premium to WTI for the same month. The more-active February futures were down 64 cents at $48.57 a barrel. click Read More below for additional detail
Strong buying emerged in oil markets Tuesday as focus shifted to an expected decline in Iranian crude exports after a senior U.S. State Department official said countries must stop purchasing crude by the start of November or face sanctions.
Companies that buy Iranian crude oil must completely halt those exports by Nov. 4 or else they will face powerful U.S. sanctions, a senior State Department official told reporters on Tuesday.
Oil prices moved sharply higher as investor focus shifted to the prospect of a void in global supplies as Iran – OPEC’s third largest producer – exports more than 2 million barrels per day (bpd).
Renewed focus on upcoming sanctions against Iran, offset some earlier weakness in oil prices, which followed a report Saudi Arabia plans to hike crude output to record levels.
more at source: https://finance.yahoo.com/news/crude-oil-prices-settle-higher-213700128.html