Brent Oil Steady Near $66

Brent oil hit a 2015 high before settling down with U.S. crude on Monday as Saudi Arabia’s plan to halt bombing in Yemen eased tensions over the security of oil Middle East supplies.  A stronger dollar, following the largest U.S. factory orders in eight months, had also weighed on crude. [FRX/]

Even so, the price drop was cushioned by data from market intelligence firm Genscape showing a further tightening in supplies at the U.S. crude storage hub in Cushing, Oklahoma.  UK Brent crude LCOc1, the more widely used global oil benchmark, touched the year’s high of $67.10 before settling down just a penny at $66.45 a barrel.

A public holiday in Britain had limited trading volumes in Brent.  U.S. crude CLc1 settled down 22 cents at $58.93.  A Saudi-led Arab alliance, waging an air campaign against Houthi fighters in Yemen, was considering calling a truce to allow humanitarian relief, Saudi-owned al-Arabiya television quoted the country’s foreign minister as saying.


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.