Singapore: Oil prices were mixed on Monday, weighed down by concerns over slowing economic growth but supported by the expected impact of U.S. sanctions on Iran, which will start targeting the petroleum industry from November.
Brent crude futures, which act as a benchmark for international oil prices, were at $71.80 per barrel at 0706 GMT, close to their last close.
U.S. West Texas Intermediate (WTI) crude futures were down 6 cents at $65.85 per barrel. Traders said U.S. sanctions against Iran were supporting prices.
The U.S. government has introduced financial sanctions against Iran which, from November, will also target the country´s petroleum sector. Iran produced around 3.65 million barrels per day of crude in July, according to a Reuters survey, making it the third biggest producer within the Organization of the Petroleum Exporting Countries (OPEC), behind Saudi Arabia and Iraq.
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Prime Minister personally promises to ensure that our bureaucracy does not play tricks with them
