Bank of America Merrill Lynch analysts said Iranian crude oil export loadings have declined by 580,000 barrels per day in the past three months, Reuters reported.
“We believe that the full effect of the Iranian oil sanctions has yet to be seen and we feel that the next 5-6 week anticipatory phase of the official sanctions will associate with steady speculative buying interest.
"Supporting crude futures were potential supply cuts from U.S. sanctions on Iran. Sanctions affecting Iran’s petroleum sector will come into force from Nov. 4,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.
