empty
 
 

2018.09.0415:27:00UTC+00Crude Oil Settles Marginally Higher

Crude oil pared some gains towards the end of the session on Tuesday, after having risen sharply earlier, but still settled modestly higher, amid expectations of a drop in supply.

The retreat from higher levels was due largely to reports that disruptions to energy production in the Gulf of Mexico region due to hurricane Gordon may not be severe as feared earlier. A report from Genscape that showed a rise in supplies at a delivery hub at Cushing, Oklahoma, also contributed to oil's fall from higher levels.

Oil prices rose past $70 a barrel earlier in the day as tropical storm Gordon headed north towards the Louisiana coast, forcing the closure of several drilling installations in the Gulf of Mexico.

Possible supply disruptions in Libya, the impact of U.S. sanctions on Iran too aided oil's move past $71 a barrel mark.

Crude oil futures for October delivery ended up 0.1%, at $69.87 a barrel, after rising to a high of $71.40 intraday.

On Friday, crude oil futures ended down $0.45, or 0.6%, at $69.80 a barrel. Crude oil futures gained about 1.6% last week and gained about 3.2% in August.

Meanwhile, traders looked ahead to crude oil inventory data from the American Petroleum Institute due later in the day, and the official report from Energy Information Administration, due Wednesday morning.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback