Investing.com - Crude futures dropped on Monday after Libya and
rebels agreed to end a standoff that left oil ports closed for
On the New York Mercantile Exchange, West Texas Intermediate
crude oil for delivery in May traded at $100.02 a barrel during
U.S. trading, down 1.11%. New York-traded oil futures hit a session
low of $99.95 a barrel and a high of $101.32 a barrel.
The May contract settled up 0.85% at $101.14 a barrel on
Nymex oil futures were likely to find support at $98.87 a
barrel, Wednesday's low, and resistance at $101.62 a barrel,
Libyan government officials and rebels reached an agreement over
the weekend to re-open Zueitina and Hariga ports, which normally
export a combined total of 200,000 barrels a day, mostly to
The news sent
falling, as the end to the standoff will increase global
Friday's U.S. jobs report cushioned losses somewhat.
The Department of Labor reported Friday that the U.S. economy
added 192,000 jobs in March, missing expectations for a 200,000
Still, February's figure was revised up to a 197,000 rise from a
previously estimated 175,000 increase, while January's figure rose
to 144,000 from 129,000.
The private sector added 192,000 jobs last month, below
expectations for a 195,000 rise, while February's figure was
revised up to 188,000 jobs added from a previously estimated
The report also showed that the U.S. unemployment rate remained
unchanged at 6.7% last month compared to expectations for a 6.6%
While not earth shattering, the numbers still depicted a U.S.
economy that continues to improve and will demand more fuel and
energy going forward.
Elsewhere, on the ICE Futures Exchange in London, Brent oil
futures for May delivery were down 1.45%, trading at US$105.18 a
barrel, while the spread between the Brent and U.S. crude contracts
stood at US$5.16 a barrel.
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