Oil Falls as EU Adds Iran Sanctions Workaround Before G-20, OPEC - Bloomberg

Oil Falls as EU Adds Iran Sanctions Workaround Before G-20, OPEC - Bloomberg:

The U.S.-Iran standoff and shrinking American crude stockpiles propelled oil to its biggest monthly gain since January. Prices tumbled immediately before Friday’s close as traders closed positions and the EU said a workaround to Iran sanctions was in operation.

Futures in New York tumbled on Friday amid weak U.S. manufacturing data and word that Europe had launched an attempted workaround to American sanctions on Iran. Still, prices gained 9.3% in June, with traders hoping for progress on trade out of a Saturday meeting between U.S. President Donald Trump and China’s Xi Jinping. OPEC and allied oil producers are then scheduled to gather in Vienna on Monday to discuss production levels.

West Texas Intermediate for August delivery fell 96 cents to $58.47 a barrel at the close of New York Mercantile Exchange trading. Brent for September settlement lost 93 cents to $64.74 on London’s ICE Futures Europe Exchange. The August contract, which expired Friday, was unchanged.