Oil Prices Fall As U.S Exempts Top Buyers of Iranian Oil

• Oil Prices Fall As U.S Exempts Top Buyers of Iranian Oil

Global oil prices fell on Tuesday after the U.S. granted sanctions exemptions to top buyers of Iranian crude oil.

Brent crude oil, against which Nigerian oil is measured, declined by 20 cents to $72.71 a barrel.

U.S. West Texas Intermediate crude dropped 12 cents to $62.98 a barrel.

The U.S. gave China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey 180-day exemptions from the US-Iran sanctions. These nations all together import about three-quarters of Iran’s seaborne oil, according to trade data. Meaning, Iran will still be able to export for now.

While the exemptions put to rest supply concerns, the focus now shifts to slowing global economy caused by trade tensions.

Experts believe the dispute between the United States and China will affect global oil demand, especially with currency weakness pressuring economies in Asia, India and Indonesia.

Again, despite the sanctions against Iran, oil production in the US, Russia and Saudi Arabia continued to rise. Suggesting that global supplies might exceed demands and further pressure prices in days to come.