- MarketPulse - https://www.marketpulse.com -

West TX Oil Drops to $91.30 after Russia Sanctions

U.S. crude oil futures fell more than $1.50 a barrel to below $91 in early Asian trade on Monday over concerns that new sanctions against Russia will weaken oil demand amid ample supplies and a strong dollar.

U.S. crude was down $1.32 a barrel at $90.95 at 0000 GMT after hitting a session low of $90.63. It settled 56 cents a barrel down at $92.27 on the previous session.  ICE Brent futures for October also lost 84 cents a barrel to $96.27. On Friday, it ended 97 cents a barrel lower at $97.11.

The contract expires on Monday, adding to pressure as traders roll positions. The November contract lost 87 cents a barrel at $97.09 after it ended 90 cents lower at $97.96 a barrel previously.

CNBC [1]

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.


Latest posts by marketpulsefxstaff (see all [4])