North Sea Crude Spread Margins -40 Lower

LONDON, Nov 5 (Reuters) – The North Sea Forties spread narrowed slightly on Monday under pressure from abundant supply, limited Asian demand and high freight rates.

ASSOCIATED NEWS

* The United States on Monday imposed tough sanctions on Iran’s oil, banking and industrial sectors and raised the prospect of further action – steps the Islamic Republic condemned as economic warfare and vowed to defy.

* Washington granted temporary waivers to eight jurisdictions, including two EU countries. They were Japan, Taiwan (Taiwan OTC: 6549.TWO – news ), Italy, Greece, Turkey, China, India and South Korea.

WINDOW

* Brent Blend: PetroIneos is offering dated Brent minus 35 cents per barrel for November 28-30 loading.

* Ekofisk: PetroIneos offers Brent date plus 30 cents per barrel for loading between November 23-25.

* Forties: Vitol offers dated Brent minus 15 cents per barrel for November 24-26 loading.

(Reporting by Julia Payne Editing by David Goodman)