Oil rose on Friday on hopes that supply cuts will be agreed at OPEC's meeting on Dec. 6, but failed to recoup recent losses on oversupply concerns that have shaved more than a fifth off the Brent crude benchmark since early October.
Brent <LCOc1> was up 85 cents at $67.47 a
Iran's crude exports fell further in the first week of October, according to tanker data and an industry source, taking a major hit from U.S. sanctions and throwing a challenge to other OPEC oil producers as they seek to cover the shortfall.
The Islamic Republic exported 1.1 million barrels per day
India will buy 9 million barrels of Iranian oil in November, two industry sources said, indicating the world's third-biggest oil importer will continue purchasing crude from the Islamic republic despite U.S. sanctions coming into force on Nov. 4.
"Refiners have placed November nominations to lift 1.25 million tonnes (about 9 million
Brent crude oil prices hit a fresh four-year high on Tuesday amid looming U.S. sanctions against Iran and an apparent reluctance by OPEC and Russia to raise output to offset the expected to hit to supply.
Brent crude futures <LCOc1> rose to $81.69 a barrel shortly after 0600 GMT, a level
South Korea has bought no Iranian crude oil for about three months after the reimposition of U.S. sanctions on Tehran, a spokesman for the Iranian oil ministry was quoted as saying on Sunday by the ministry news website SHANA.
"For about three consecutive months, South Korea has had no oil imports