UK Reports Better-than-expected Manufacturing Data Ahead of BOE Meeting

Brent crude held up in European session. Iran’s threat to imminently stop oil exports to some EU countries has raised concerns. However, Iran’s comments are more likely a threat than an actual move by the Middle East nation which has heavy reliance on oil exports. While the market has speculated that countries that did not support sanctions (such as China) would take this advantage to increase oil purchases at a discount, the reality is that China, Irans biggest buyer of crude, continue to buy only half the volumes. Other Asian countries, such as South Korea and Japan, are reducing their intakes.

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UK Reports Better-than-expected Manufacturing Data Ahead of BOE Meeting