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06-Nov2018

Crude oil futures end lower on Monday

Giving up most of the early gains, crude oil futures ended lower on Monday as the US government decided to grant waivers to some buyers of Iranian crude. According to reports, US 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 US to have increased for six successive weeks eased concerns about tighter supplies in the market.

Benchmark crude oil futures for December dropped 4 cents or less than 0.1 percent to settle at $63.10 a barrel on the New York Mercantile Exchange. January Brent crude rose 34 cents or 0.5 per cent to settle at $73.17 a barrel on London's Intercontinental Exchange.


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