Oil prices rebounded strongly on Tuesday amid reports that the U.S. State Department said it will require companies to cut all oil imports from Iran to zero by November.
Companies that buy Iranian crude oil must completely cut those exports by the start of November or else they will face powerful U.S. sanctions, a senior State Department official said on Tuesday, according to CNBC.
The State Department has conveyed that message to European diplomats in recent talks, the official added.
Meanwhile, oil prices also got support from an outage at Canada's largest oil sands facility and concerns about Libya's crude exports due to developments in that country's ongoing conflict.
The West Texas Intermediate for August delivery jumped 2.45 U.S. dollars to settle at 70.53 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery added 1.58 dollars to 76.31 dollars a barrel on the London ICE Futures Exchange.
Sources:cctvplus
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