- West Texas Intermediate crude for May delivery fell $3.54 to $57.91 a barrel at 12:52 p.m. in New York
- Brent for June settlement lost $3.32 to $61.54 a barrel
Futures in New York fell as much as 5.9% on Monday, sending prices markedly below their 50-day moving average. The U.K. may delay global travel beyond May 17 if coronavirus infections continue to surge elsewhere around the world, adding further pressure on the immediate trajectory for consumption as governments struggle to control the spread of Covid-19.
Meanwhile, Iran, the U.S. and the remaining members in the 2015 nuclear deal are set to gather in Vienna on Tuesday to discuss potentially resurrecting the agreement, presenting a possible path toward removing sanctions on the Middle Eastern country’s oil exports. Yet, Iran indicated talks won’t succeed without the U.S. fully removing sanctions.
“The scales got tipped here in terms of relative oversupply for the first time in a while,” said John Kilduff, a partner at Again Capital LLC. “There’s certainly a sense in the market that the easing tensions in Iran are going to enable a topping up of supplies to the market from the country.”
No comments:
Post a Comment