Iranian crude oil exports are going down further
On Tuesday oil prices climbed due to hints that the Iranian oil exports dropped this month from last month ahead of U.S. sanctions on Tehran which are going to start probably in November. Delivery went up 12 cents at $71.90 a barrel for U.S. West Texas Intermediate crude.
December delivery rose 27 cents for International benchmark Brent crude to $81.05 per barrel. Iran exported 1.33 million barrels daily to other nations including China, India, and Turkey in the first 14 days of October, according to Refinitiv Eikon data. That dropped from 1.6 million bpd in September, the data showed. The October exports are a sharp decline from the 2.5 million bpd exported in April.
Now Crude prices have risen also due to geopolitical tensions caused by the disappearance of a Saudi Arabian journalist in Turkey. Vincent Hwang, commodity analyst at NH Investment & Securities in Seoul said, “Uncertainties will remain until Nov. 4 when it would be clear whether the United States would want to cut Iran oil exports to zero or grant waivers”. And added “Brent prices are likely staying in the range of $80 a barrel or slightly higher, while WTI prices are likely to be $70-$75 a barrel.”
Gold stays near a 60 day high
On Tuesday Gold prices were near last session’s 60 day high while risk-averse traders tried to stay focused while the metal stresses about rising political tensions and economic uncertainty kick in.
Yesterday Gold reached the $ 1,233.20, which it is the highest level since July, while global stocks slipped on growing tensions between Saudi Arabia and Western governments. Spot gold was little changed at $1,226.11 an ounce while on Tuesday Asian stocks increased prices modestly, getting a substantial start after a week of heavy losses. U.S. gold futures were flat at $1,229.90 an ounce.
Tech stocks leading the fall
Yesterday a drop in tech shares drove the major indexes deeper while Wall Street attempted to recover its status after last week’s sharp declines.
The Dow Jones Industrial Average closed 89.44 points lower while the tech-heavy Nasdaq Composite dropped about 0.9% and close at 7,430.74.
The S&P 500 dropped about 0.6% to 2,750.80 while the tech sector dropped more than 1.5%. Netflix and Apple drew back more than 1.8% each. Apple fell following Goldman Sachs announced that Apple’s earnings could drop quickly this year as demand in China slows. Netflix declined after Goldman Sachs and Raymond James cut its price targets on the video-streaming giant. Amazon, Microsoft, and Alphabet also traded lower.
European markets see some mixed sentiment
Market attention is still on the disappearance of a famous journalist and an important critic of Saudi Arabia’s management earlier this month. The disappearance has sparked a worldwide complaint upon the OPEC kingpin and creates uncertainty and confusion in the financial markets.
The FTSE 100 dropped about 4 points at 7,023, the CAC-DEC18 is at 5,082.00, while the DAX-DEC18 is at 11,629.00