NEW YORK, Sept. 25 (Xinhua) -- Oil prices continued to rise on Tuesday amid expectations for tighter international supplies of oil.
The United States will target Iran's oil exports with sanctions from November 4, with Washington applying pressure on governments and companies around the world to fall into line and cut their purchases.
Even though the sanctions haven' t come into effect yet, Iranian exports have already fallen by around 500,000 barrels a day between April and August, according to the International Energy Agency.
Meanwhile, over the weekend the 10th Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Algiers wrapped up by maintaining the current oil output level, amid calls from the U.S. to raise oil production in a bid to curb mounting prices.
Analysts said the current bout of upward buying pressures probably will persist through to the end of the year amid looming U.S. sanctions on Iranian oil exports.
The West Texas Intermediate for November delivery rose 0.20 U.S. dollar to settle at 72.28 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 0.67 dollars to 81.87 dollars a barrel on the London ICE Futures Exchange. Enditem
