Crude oil futures "are notably weaker as investors continue to grow concerns over global growth prospects, while the strength in the USA dollar has also added to the bearish sentiment in the energy complex", DailyFX analyst Justin McQueen told UPI.
Speaking about Hook's meetings with officials from the government, the external affairs ministry spokesperson said, "We have conveyed to him that the price of crude oil is a matter of concern for our domestic economy and directly affects the common people".
"We are determined to implement our policy of maximum pressure on Iran".
"A Saudi pledge to produce as much oil as possible, and the stock market rout, have sharply reduced concerns about the November 4 implementation of USA sanctions against Iran", said Ole Hansen, head of commodity strategy at Saxo Bank.
In November, Iraq will halt trucking of oil to Iran to comply with the USA sanctions, five sources with knowledge of Iraqi oil export plans told Reuters last week.
However, the effects of the US withdrawal from the Joint Comprehensive Plan of Action (JCPOA) in May, the resumption of Iran sanctions and the potential response from other countries pose significant uncertainty to the forecast.
In other related news on Monday, the U.S. Energy Information Administration's latest analysis of planned refinery outages for the fourth quarter of 2018 finds that planned outages in the United States are not likely to cause a shortfall in the supply of petroleum products-including gasoline, jet fuel and distillate fuel relative to expected demand, either nationally or within any U.S. region.
Oil prices dipped on Monday amid cautious sentiment as a plunge in financial markets last week and dollar strength early this week underscored concerns that growth may be slowing, especially in Asia's emerging economies.
Human Rights Watch Report on North Korea 'Extraordinarily Condescending'
But the concept of rape is different in the North, the report added, where it is seen as applying only if violence is used. However, critics say North Korea's human rights status has been ignored as nuclear negotiation talks continue.
Trump, Xi upbeat on ending trade war
The telephone conversation on Thursday was Trump and Xi's first publicly disclosed call in six months. And they're having a hard time, and they'll be fine, ' Trump said Wednesday.
Migrant Caravan Demands Mexico Provide Them Transportation
The official said the deployment is being done to support the Department of Homeland Security and Customs and Border Protection. Hundreds of Hondurans crossed a river into Mexico in a fresh wave of migrants heading to the United States on Monday.
The United States has 875 operating oil drilling rigs in this week, adding two more from the previous week, according to data issued by oil service company Baker Hughes on Friday.
Following US President Donald Trump's decision to quit the historic Iran nuclear deal on May 8, the US vowed to reimpose sanctions lifted under the accord against Iran and inflict punishments like secondary sanctions on nations that have business links with Iran.
Meanwhile, Iran's exports of crude oil and condensate have been falling since June, the EIA said last week, quoting data from ClipperData.
Last month, U.S. Secretary of Energy Rick Perry said that Iraq alone could add 300,000 bpd of oil to global supply if it allows Kurdish oil to reach worldwide markets.
The EIA reported USA crude stockpiles rose 3.22 million barrels last week, while distillate and gasoline supplies declined.
"The sanctions, more than harming us, would be hurtful to the USA; Trump policies have raised the global oil prices which would not be to our loss, and we have been able to find new customers for our oil", Gholamali Jafarzadeh, a member of Iranian parliament, told the Iranian oil ministry's news service Shana on Sunday.
In a sign that oil supply remains ample despite the looming USA sanctions against Iran's petroleum exports, crude output from the world's top 3 producers, Russia, the United States and Saudi Arabia, reached 33 million barrels per day (bpd) for the first time in September, Refinitiv Eikon data showed.