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Markets

Crude dip as markets suspects global supplies on increase

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Investing.com - Crude oil futures fell in U.S. trading Monday in a very quiet session as investors largely avoided the commodity on sentiments that supplies may be on the upswing without noted rises in demand following suit.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD95.86 a barrel on Monday, down 0.19%, off from a session high of USD95.97 and up from an earlier session low of USD95.53.

Trading was quiet as U.S. markets were closed for the Martin Luther King, Jr. holidays, though the commodity fell on talks supplies may have risen too fast in recent months, marked by aggressive Saudi drilling to make up for any shortfalls should tensions between Israel and Iran have disrupted supply.

Prices also fell head of U.S. budget talks.

While congressional Republicans have said they will agree to lift the country's debt ceiling for an additional three months provided Senate Democrats push through a budget, uncertainty surrounding what the U.S. spending blueprint will look like kept investors away from oil.

Elsewhere on the ICE Futures Exchange, Brent oil futures for March delivery were down 0.11% at USD111.77 a barrel, up USD15.91 from its U.S. counterpart.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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