Oil Dives in Final Minutes of Trading as Economic Woes Dominate - Bloomberg

Oil Dives in Final Minutes of Trading as Economic Woes Dominate - Bloomberg:

Oil plunged in the last few minutes of trading as economic anxiety hangs over the market.

Futures gave up more than 1% of the day’s gains moments before settlement, closing just 0.3% higher in New York on Monday. Prices had risen for much of the session after BP Plc diverted a vessel in the Persian Gulf, fearing it might be targeted for retaliation after British forces seized an Iranian tanker last week. Saudi Arabia, meanwhile, said it had foiled an attack on a commercial ship in the Red Sea by Iran-backed Houthi rebels.

The retreat near the close suggested traders are still contending with an “overriding negative sentiment,” said Ashley Petersen, an oil analyst at Stratas Advisors LLC in New York. Relatively light summer trading volumes may have exacerbated the slide.

West Texas Intermediate oil for August delivery closed 15 cents higher at $57.66 a barrel on the New York Mercantile Exchange. It had risen as much as 1.7% earlier in the day. Brent for September settlement fell 12 cents to $64.11 a barrel on the ICE Futures Europe Exchange.