empty
 
 

2018.10.1516:36:00UTC+00Crude Oil Futures Settle Modestly Higher

Oil futures settled modestly higher on Monday, despite paring some early gains amid speculation about a likely drop in demand due to uncertainty about global economic growth.

Oil surged higher $72.20 a barrel, early on in the session after the disappearance of prominent Saudi journalist Jamal Khashoggi raised geopolitical tensions between the U.S. and Saudi Arabia. Oil's uptick was also supported by the likely impact of U.S.' sanctions on Iran, on global oil supply.

Crude oil futures for November ended up $0.44, or 0.6%, at $71.78 a barrel. On Friday, crude oil futures ended up $0.37, or 0.5%, at $71.34 a barrel.

According to reports, Jamal Khashoggi who was seen entering the Saudi consulate in Istanbul, Turkey, on October 2, has not been seen since.

President Donald Trump has reportedly said Saudi King Salman had denied knowledge about Khashoggi's whereabouts in a phone call but that the White House has ordered Secretary of State Mike Pompeo to "immediately get on a plane" to Saudi Arabia.

Meanwhile, traders also appeared to be betting on expectations of a possible drop in global oil demand due to the impact of the U.S.-China trade dispute on global economic growth.

  • 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