EVENING CRUDE OIL FORECAST ::

India will buy 9 million barrels of Iranian oil in November, an industry source told Reuters, indicating that the world’s third biggest oil importer would continue to buy crude from the Islamic republic despite U.S. sanctions coming into force on Nov. 4.

Indian Oil Corp IOC.NS will lift 6 million barrels of Iranian oil and Mangalore Refinery and Petrochemicals Ltd MRPL.NS 3 million barrels, the source with the knowledge of the matter said.

The United States has said it plans to impose new sanctions targeting Iran’s oil sector on Nov. 4 with the aim of stopping the country’s involvement in conflicts in Syria and Iraq, and bringing the Islamic Republic to the negotiating table for its ballistic missile programme.

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