Oil dips as Saudi Arabia pledges to play 'responsible role' in market
Tuesday,
23-Oct-2018
09:17 AM (IST)
Oil prices fell on Tuesday after Saudi Arabia pledged to play a "responsible role" in energy markets, although sentiment remained nervous in the run-up to U.S. sanctions against Iran's crude exports that start next month.Front-month Brent crude oil futures were at $79.60 a barrel, down 23 cents, or 0.3 percent, from their last close.U.S. West Texas Intermediate crude futures were at $69.22 a barrel, dropping 14 cents, or 0.2 percent, from their last settlement.U.S. sanctions against Iran's oil exports are due to kick off on Nov. 4, with Washington pressuring governments and companies worldwide to fall in line and cut imports from the Middle Eastern nation.Top crude oil exporter Saudi Arabia has pledged to keep markets supplied despite its increasing isolation over the killing of Saudi journalist Jamal Khashoggi.There has been concern that just as markets tighten on the back of the U.S. sanctions against Iran, Saudi Arabia could cut crude supply in retaliation for potential sanctions against it over the Khashoggi killing.Trying to dismiss such worries, Saudi energy minister Khalid al-Falih said on Monday that "there is no intention" for such action, and that Saudi Arabia would play a "constructive and responsible role" in world energy markets.
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