“Oil traders are now pricing in the possibility that the EU will join the U.S. in taking a tough stance on Iran, and maybe this time there will be no waivers or a way for Iran to sneak out [oil] supply,” said Phil Flynn, senior market analyst at Price Futures Group.
Reuters reported Monday that EU ministers said technical work could begin on an asset freeze on two Iranians and the Iranian intelligence service over a failed plot to attack a rally near Paris.
Oil traders, meanwhile, also weighed the likelihood that major producers due to meet early next month will decide on sizable output cuts to stave off an expected global glut of crude supplies.
December West Texas Intermediate crude US:CLZ8 tacked on 30 cents, or 0.5%, to settle at $56.76 a barrel on the New York Mercantile Exchange after trading as low as $55.08. The December contract expired at Monday’s settlement. January WTI crude CLF9, +1.63% which is now the front-month contract, settled at $57.20, up 52 cents, or 0.9%.
A sense of oversupply, including in the latest U.S. data, has kept a general downward pressure on prices, which were at nearly four-year highs as recently as early October before a plunge into a bear market.
WTI prices were down 6.2% for last week. A late-week recovery for WTI allowed the benchmark to halt what had been a record 12-session streak of declines, which took it as low as a $55.69 finish on Nymex at one point. It was the lowest closing price for a front-month contract since Nov. 16, 2017.
Read more: Market Watch
Iran Briefing | News Press Focus on Human Rights Violation by IRGC, Iran Human Rights
May 22, 2019 Comments Off on What To Know About The Sudden Talk Of War With Iran
May 22, 2019 Comments Off on Iranian Mullahs’ Policy of Hiding Behind Proxy Terrorist Militias
May 22, 2019 Comments Off on US says Iran threats are ‘on hold’ after deploying bombers
May 21, 2019 Comments Off on Iran: ‘We Will Beat U.S. In Intelligence War’ And ‘Punish Mistakes With Crushing Strikes’
May 22, 2019 Comments Off on The U.S. Is Outplaying Iran in a Regional Chess Match
May 14, 2019 Comments Off on IRAN PRESIDENT’S ADVISER TO DONALD TRUMP: ‘YOU ARE GOING TO GET A WAR,’ NOT A ‘BETTER DEAL’
May 14, 2019 Comments Off on White House Reviews Military Plans Against Iran
May 12, 2019 Comments Off on ‘Unreliable’: Iran’s Revolutionary Guards rejects talks with US
May 22, 2019 Comments Off on What To Know About The Sudden Talk Of War With IranWhat To Know About The Sudden Talk Of War With Iran What To Know About The Sudden Talk Of War With Iran President Trump came into office criticizing the U.S. wars in Afghanistan and Iraq and promised he would try to...
May 22, 2019 Comments Off on US says Iran threats are ‘on hold’ after deploying bombersUS says Iran threats are ‘on hold’ after deploying bombers US says Iran threats are ‘on hold’ after deploying bombers. Acting Defense Secretary Patrick Shanahan said Iranian threats against US forces in the...
Mar 27, 2019 Comments Off on U.S. sanctions firms accused of helping fund Iran’s Revolutionary GuardsU.S. sanctions firms accused of helping fund Iran’s Revolutionary Guards U.S. sanctions firms accused of helping fund Iran’s Revolutionary Guards The United States on Tuesday imposed fresh sanctions on a network of companies and people in Iran, Turkey and the United Arab Emirates it...