Crude may rebound Tuesday on weaker Iran oil exports

Petrol station in Singapore in the Geylang neighborhood; taken August 2018.

Crude oil prices may gain in Asia on Tuesday on reports that exports of Iranian crude are dropping faster than expected ahead of renewed U.S. economic sanctions on Tehran.

ICE Brent crude oil futures settled down 0.49 percent to US$83.75 a barrel, while NYMEX WTI fell 0.16 percent to US$74.22 a barrel in electronic trade.

Bond markets in the U.S. and Japan were shut were shut for a holiday on Monday.

Iran’s crude exports fell notably in the first week of October, according to Reuters. Tehran exported 1.1 million barrels per day (bpd) of crude, down from 2.5 million bpd in April.