By Modupe Gbadeyanka
Prices of crude oil in the global market depreciated on Tuesday as the sanctions imposed on Iran by the United States entered second day.
Prices of the commodity tracked by Business Post showed that they were pointing south as the people of America head to the polls today for the midterm election.
During the exercise, 35 of the 100 seats in the Senate and all the 435 seats in the House of Representatives would be contested for by both the Republican party and the Democratic party.
As at the time of filing this report on Tuesday morning, the price of the Brent crude oil was down by 0.49 percent, trading at $72.81 per barrel.
Also, the price of the US West Texas Intermediate (WTI) crude oil was facing south by 0.40 percent to exchange at $62.85 per barrel at the market.
According to CNBC, analysts said expectations of an economic slowdown in coming months were weighing on the fuel demand outlook, while concerns eased on the supply-side after Washington granted eight importers of Iranian oil sanctions waivers that will allow them to continue purchases.
Washington gave 180-day exemptions to eight importers; China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey.
“These are Iran’s biggest buyers, meaning Iran will be allowed to still export some oil for now,” the reputable journal said.
