Oil steady as concerns over Iran sanctions offset weak Chinese imports (Reuters)

Oil prices steadied on Wednesday despite relatively weak Chinese import data as the market remained supported by falling U.S. crude inventories and the introduction of sanctions against Iran.

Shipments into the world’s biggest importer of crude came in at 36.02 million tonnes last month, or 8.48 million barrels per day, rising from 8.18 million bpd a year earlier and just up on June’s 8.36 million bpd, customs data showed.

Markets remained supported by the introduction on Tuesday of new U.S. sanctions against Iran, which initially target Iran’s purchases of U.S. dollars – in which oil is traded – as well as metals trading, coal, industrial software and its auto sector.
more at source: https://www.reuters.com/article/us-global-oil/oil-prices-steady-on-falling-u-s-crude-stocks-iran-sanctions-idUSKBN1KT01F

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