Oil gained today as the Canadian supply interruption pushed the market higher and following the words from U.S. officials telling importers to refuse purchases of Iranian oil starting November.
Brent futures increased to $76.92 for a barrel, up 61 cents from the previous end of session. U.S. WTI futures rose to $70.88, adding 35 cents.
The demand from the U.S. was directed to all countries, according to yesterday’s statement from a State Department official. The U.S. move was anticipated by oil markets, so the reaction was limited.