petrotahlil:Today Crude Oil prices decreased as concerns that an economic slowdown may curb fuel demand growth overshadowed the reintroduction of sanctions on Iran. Expectations of an economic slowdown in coming months was outweighing supply-side risks to crude markets from the reintroduced U.S. sanctions against Iran, which started on Monday, as per Market experts.
Washington has granted 180-day exemptions to eight importers - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey. These are also Iran's biggest buyers, meaning Iran will be allowed to still export some oil for now. At the same time, output from the world's top-three producers, Russia the United States and Saudi Arabia, is rising.