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Oil prices down amid concerns of investors possible decrease in demand for China's "black gold" after the morning of publication of weak data on imports to China.
As it became known today, in the last month, China's trade surplus reflected surpluses.However, the decrease in imports suggests that the magnitude of decrease in activity in the 2 nd largest economy in the world can be very serious. The volume of imports rose by 5.3% against the projected 9%, while exports registered a rise of 8.9%, which together led to an increase in the trade surplus to $ 5.35 billion instead of the expected deficit of $ 3.15 billion
Also today it was announced that Tehran intends in the coming days to cut oil exports to several countries in Europe, reported Xinhua news agency on Tuesday, referring to the statement of Iranian oil minister Rostam Kassem. The minister also said that "Iran is not concerned about the introduction of the EU embargo on Iranian oil."
Earlier, Iran announced the termination of oil supplies in the UK, France and Greece, and threatened to reduce exports to Portugal, Spain, Italy, Germany and Holland.
The foreign ministers of 27 EU countries in late January approved an embargo on oil supplies from Iran. The new package of sanctions it is assumed that by July 1, all members of the EU, buying oil from Tehran will have to close down imports from that country. In response, Iranian officials have threatened to block the Strait of Hormuz - a key waterway for transporting Persian Gulf oil. U.S. responded by intensifying their naval presence in the Gulf. Iran, for its part, the Navy conducted exercises in the Strait of Hormuz.
Earlier today it was reported that Iran has enough funds to sustain a total embargo on oil sales for several years. So, at least, according to Iranian President Mahmoud Ahmadinejad.
Crude for May delivery fell to $100.90 on the New York Mercantile Exchange.
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