Investing.com - U.S. crude oil futures edged lower on Monday, as
ongoing concerns over a slowdown in demand from the U.S. continued
to weigh, but losses were limited after China outlined sweeping
On the New York Mercantile Exchange, light sweet crude futures for
delivery in January traded at USD94.39 a barrel during U.S. morning
trade, down 0.1%.
New York-traded oil futures traded in a range between USD93.94 a
barrel, the daily low and a session high of USD94.67 a barrel. The
January contract settled 0.08% higher on Friday to end at USD94.49
Oil futures were likely to find support at USD92.51 a barrel, the
low from November 14 and resistance at USD95.22 a barrel, the high
from November 12.
U.S. oil futures retreated 0.8% last week, the sixth consecutive
weekly decline and the longest losing streak since December 1998.
U.S. crude prices have been on a downward trend in recent weeks
amid concerns the recent U.S. government shutdown created a drag on
economic growth and eroded demand in the world's largest oil
Total U.S. crude oil inventories stood at 388.1 million barrels as
of last week, the highest since June.
Oil prices remained supported after China released a reform plan
that called for opening the financial sector to more foreign
investment and a revamp of initial public offerings, particularly
for state-owned companies.
The document came after the Chinese Communist Party leadership
ended a meeting on Tuesday last week with only abroad outline of
The Asian nation is the world's second largest oil consumer after
the U.S. and has been the engine of strengthening demand.
Meanwhile, in supply news, Saudi Arabia's Joint Organizations Data
Initiative said the country produced approximately 10.12 million
barrels of oil a day and shipped 7.84 million barrels in September.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for
January delivery fell 0.25% to trade at USD108.22 a barrel, with
the spread between the Brent and crude contracts standing at
USD13.83 a barrel.
Traders focused on a resumption of talks between Iran and major
powers scheduled for November 20 in Geneva. Talks aimed at curbing
Iran's nuclear program and relaxing sanctions against the oil
producer stalled earlier in the month.
Trade sanctions slapped on Iran due to its alleged nuclear
ambitions have taken out more than one million barrels per day of
oil from the global market.
London-traded Brent prices have been well-supported in recent
sessions amid growing concerns over violence in Libya. The
country's deputy intelligence chief was kidnapped on Sunday,
underlining fears over a disruption to supplies from the country.
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