Oil Futures Fall Ahead of Meeting on Iran, Easing Supply Fears
Easing supply fears and a technical selloff in unleaded gasoline futures helped push oil prices lower on Monday, though crude futures still hovered above $62 US a barrel, or 16 per cent higher than a year ago.
Some calm was brought to the world's jittery energy markets amid expectations that Iran's oil output won't be affected by the UN nuclear watchdog's meeting later in the day on Tehran's nuclear ambitions. Also Monday, oil ministers suggested that the Organization of Petroleum Exporting Countries will keep output levels intact at its meeting later this week.
Light sweet crude for April delivery fell $1.26 to settle at $62.41 a barrel on the New York Mercantile Exchange. Brent crude futures on London's ICE Futures exchange slipped $1.84 to settle at $62.34 a barrel.
The decline in crude was also tied to a technical selloff in Nymex gasoline futures, which fell 8.71 cents to close at $1.656 a gallon.
CBC
Some calm was brought to the world's jittery energy markets amid expectations that Iran's oil output won't be affected by the UN nuclear watchdog's meeting later in the day on Tehran's nuclear ambitions. Also Monday, oil ministers suggested that the Organization of Petroleum Exporting Countries will keep output levels intact at its meeting later this week.
Light sweet crude for April delivery fell $1.26 to settle at $62.41 a barrel on the New York Mercantile Exchange. Brent crude futures on London's ICE Futures exchange slipped $1.84 to settle at $62.34 a barrel.
The decline in crude was also tied to a technical selloff in Nymex gasoline futures, which fell 8.71 cents to close at $1.656 a gallon.
CBC
posted by Ottawa Gas Prices | 6:56 PM
0 Comments:
Post a Comment
<< Home