The most-active December Brent crude futures contract was last up 23 cents at $81.02 a barrel at 1407 GMT, off the high for the day at $81.90 but still within sight of Tuesday's four-year high of $82.55.
Reports say Iran had previously stored oil at Dalian during the last round of sanctions in 2014 that was later sold to buyers in South Korea and India.
But spare capacity remains at precariously low levels and could remain below 1 million barrels a day through the fourth quarter, depending on the effectiveness of USA sanctions on Iranian crude and refined export products, he said.
During an energy conference on October 3 in Moscow, Saudi Arabia energy minister Khalid Al-Falih revealed that his country is producing 10.7 million barrels of oil a day - a rate that is near the country's output record set almost two years ago.
Oil prices and calendar spreads have softened significantly this month as traders became more confident about the availability of supplies towards the end of the year and into early 2019.
"We need to see signs loss of Iranian barrels will be replaced by other producers", said Gene McGillian, vice president of market research for Tradition Energy in Stamford, Connecticut.
Oil traded near the lowest level in a month after a bigger-than-expected gain in American stockpiles overshadowed tensions between the USA and Saudi Arabia over a missing critic of the kingdom.
Western pressure mounted on Riyadh to provide answers, but comments by President Donald Trump suggested that White House may not take additional actions against the Saudis, specifically after Saudi Arabia said it will conduct a probe.
While Trump has repeatedly demanded that OPEC take action to lower oil prices, he referred to Saudi Arabia as its ally and reiterated to reporters on Wednesday that Crown Prince Mohammed bin Salman's government agreed to buy $110 billion in USA weaponry past year.
According to US State Department officials, "there are no blanket waivers that will be issued for any one country", and any waiver under CAATSA "would require, among other things, countries to significantly reduce their reliance on Russian arms". us crude was down 64 cents at $69.11.
There is no way to wield the oil weapon, which would not shake the foundations of the U.S. -Saudi alliance on which the kingdom's defense depends, leaving it vulnerable to regional rivals, including Iran. Saudi Aramco will buy a stake in an upcoming Chinese mega refinery, its latest investment in the world's biggest oil market as it pursues a strategy of securing avenues for oil sales.
The oil weapon does not work, which is why Saudi Arabia is unlikely to employ it in the dispute over the disappearance of Washington Post journalist Jamal Khashoggi.
In this context, the production cuts and embargo made an already tight market worse, sent oil prices surging, and produced a huge, short-term revenue windfall for Saudi Arabia and other oil producers.
The Los Angeles Dodgers can punch their ticket to the World Series with another win tonight in Game 6 at the Milwaukee Brewers . That ended up being 13 solid if unspectacular outs, as Miley once again kept a tough Dodgers lineup off balance.
Harry and wife Meghan's unborn baby was clearly on his mind as he thanked Australia, his host country, for the warm welcome. The Duke of Sussex has opened the Sydney Invictus Games with a rousing speech to its 500 athletes.
The attack prompted calls for the security services in Russian Federation to have greater control over the Internet. Civilians can own only hunting rifles and smooth-bore shotguns and must undergo significant background checks.
The Fed believes that regardless of the criticism from the administration, increasing the benchmark rate is still the best policy. "My biggest threat is the Fed, because the Fed is raising rates too fast", Trump told Fox Business host Trish Reagan.
It also calls on social media users to be "responsible consumers of information" in order to "mitigate adversarial efforts". The complaint also doesn't allege that any American knowingly participated in the Project Lakhta operation.
Two cabinet ministers, top bureaucrats, DGP rushed to mishap site to supervise rescue and relief efforts. Home Minister Rajnath Singh promised all possible assistance to the State from the Central government.
At least 17 people have died after a train derailed and flipped over in Taiwan Sunday, authorities said. Passenger Chen He-ren, told Central News Agency the train shook violently moments before it derailed.
Yelich said if a play like that happened one time from Machado it might be considered an accident, but he sees it as a pattern. That's two more opportunities for the fireworks to continue between Machado and the Brewers.
Impact: While this seems like a positive move from Verizon, it still remains to be seen how effective it will be in the long term. When asked specifically if this means that they have removed the lock on Pixel 3 phones, they confirmed that to be the case.
NOAA Predicts Warmer Winter for Much of the US
It also said that wetter-than-average conditions are likely across the southern part of the USA , and up into the Mid-Atlantic. Little precipitation is expected in southern California, Arizona, new Mexico, in the southern areas of Utah and Colorado.
Huawei unveils Mate 20 X with 7.2-inch OLED display for gaming
The Mate 20 and Mate 20 Pro announced today feature that weird camera arrangement we've seen leaked over the past couple of weeks. It looks like, Huawei Mate 20 Pro will take over Google Pixel 3 XL to claim the title of the best camera smartphone of 2018.