Oil Futures End Flat

Trading 05 nov 2018 Donner votre avis

Crude oil futures ended lower on Monday, after having moved up earlier in the day as U.S. sanctions on Iranian oil and came into force.

However, oil's decline was just marginal as the U.S. government decided to grant waivers to some buyers of Iranian crude.

Traders, looking ahead to the mid-term polls in the U.S., and the Federal Reserve's monetary policy statement on Wednesday, were quite reluctant to make significant moves.

Crude oil futures for December ended down $0.04, or less than 0.1%, at $63.10 a barrel. On Friday, crude oil futures declined by $0.045, or 0.9%, at $63.14 a barrel.

According to reports, U.S. President Donald Trump has said that he wants to go slow on Iranian sanctions, as doesn't want to drive up oil prices.

This decision by the Trump administration and recent data showing crude oil stockpiles in the U.S. to have increased for six successive weeks eased concerns about tighter supplies in the market.

Iran's President Hassan Rouhani has reportedly said that the Islamic republic would proudly bypass the illegal, unjust sanctions because it's against international regulations.

OPEC heavyweight Saudi Arabia has already stated that it would increase output to make up for the loss of Iranian oil in the market.

Some analysts are of the view that the ongoing U.S.-China trade dispute and its likely impact on the global economy could result in a notable drop in crude oil demand.


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