Oil gains 1 pct on signs OPEC not prepared to boost output

Iran OPEC chief: 'Saudi and Russia are taking oil market hostage'

Russia says Iran sanctions 'unproductive'

"I think that is going to remain the theme for the next six weeks until the next round of US sanctions against Iran kick off".

Refineries in the United States consumed about 17.7 million barrels per day (bpd) of crude oil last week, while China's refiners used about 11.8 million bpd in August, according to government data from the countries.

Crushing U.S. oil sanctions on Iran will resume in early November and already, American allies in Asia are cutting back on their purchases of Iranian crude.

Commenting on Iran's oil supply, "we believe that the full effect of the Iranian oil sanctions has yet to be seen and we feel that the next 5-6 week anticipatory phase of the official sanctions will associate with steady speculative buying interest", Jim Ritterbusch, president of Ritterbusch and Associates, told Reuters on Monday.

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He soldiered on after receiving some treatment but Emery made a decision to take him off shortly after we scored the third goal in the 57th minute.

Oil markets dropped on Tuesday as the latest escalation in the Sino-US trade war clouded the outlook for demand, although concerns over tightening supply offered prices some support.

NSD Logo The Organization of the Petroleum Exporting Countries, OPEC today said, Iran remains a very important member of the oil cartel as Tehran braces for a new round of U.S. sanctions, partially targeting its crude exports.

As if to support Barkindo's plea, if only obliquely, Alexander Novak, energy minister for Russian Federation, stated on Monday that "I think we have the possibility to discuss any possible scenarios"- referring to the prospect of a deal between OPEC and other producers (a group known as OPEC+) being formalized and increasing output from levels agreed in June in order to ward off undue market tightening.

Oil prices were little changed on Monday as the market weighed deepening trade tension between the US and China that is expected to dent global crude demand and potential supply tightening due to Iran sanctions.

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The 64GB storage model is listed at Rs. 99,900, 256GB storage variant at Rs. 1,14,900, and 512GB storage version at Rs. 1,34,900. The information comes from Digitimes , a sometimes-accurate source of information on the supply side of consumer electronics.

U.S. West Texas Intermediate crude was up 94 cents, or 1.4%, at $69.85/Bbl, off a session high of $70.42/Bbl. Washington aims to cut Iran oil exports down to zero to force Tehran to re-negotiate a nuclear deal.

The escalating trade row is raising concerns about the potential for slower growth in oil consumption, offsetting supply concerns stemming from the upcoming USA sanctions on Iran over its nuclear program.

Still, OPEC will face rising anger from Iran, one of the cartel's top producers.

"Saudi Arabia and the UAE are turning OPEC into a tool for the United States and consequently the organization has not much credit left", Iran's OPEC governor Hossein Kazempour Ardebili told the Shana newswire, affiliated to Iran's Oil Ministry.

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