>> So much for sanctions on Iran, oil prices were expected to rise when the US embargoed sales by the nation. It isn't working out that way. Oil now in fair market territory instead, US bench mark prices down to around $60, off by a fifth since early October. A tense day of declines would mark their longest losing streak ever.
Worries about flagging growth the context, but Reuters commodity columnist John Kemp in London says other factors are at play.>> The first is that OPEC and its allies are increasing their production rates, and that's partly come in response to pressure from the White House. Secondly, US shale oil producers have been boosting their production enormously.
Their production is up by 2 million barrels a day compared to the same period last year.>> The Iran sanctions are also full of holes.>>
> The Islamic Republic of Iran can sell it's oil today and will continue selling if God wills.>> In fact, Washington wells granting exemptions to Iran's biggest buyers.
China's National Petroleum Corp among those to say it's still taking Iranian crude. Industry analysts say shipments from the country could now run at 1.5 million barrels per day while exemptions last. That's down by about a half on the mid-2018 peak. But it's a long way from the US goal of zero barrels per day.