Oil trades in red as Trump announces Iran sanctions

Wednesday, 18. September 2019 15:22

Oil extended losses on Wednesday after United States President Donald Trump announced further sanctions against Iran because of its alleged involvement in the attacks on Saudi Aramco's oil facilities. The tensions in the Middle East persisted as Saudi Arabia said it would provide evidence linking Iran to the attacks.

Prices were also affected by the reported jump in US crude stockpiles as private data showed they rose by 592,000 barrels last week. The official numbers will be announced later today by the Energy Information Administration (EIA).

Brent for deliveries in November slid 1.21% to sell for $64.55 per barrel at 8:50 pm ET and West Texas Intermediate (WTI) for settlements in October dropped 0.73% to go for $62.77 per barrel at 8:50 pm ET.

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