Oil futures diverged Monday, with U.S. prices up a third straight session while global benchmark Brent finished lower, as tensions with Iran, and the possibility of disruptions to oil flow in the Middle East, increased. Concerns surrounding energy demand, however, lingered.
Geopolitical tensions with Iran have heated up, while oil demand expectations seem to be coming down, said Phil Flynn, senior market analyst at Price Futures Group.
August West Texas Intermediate crude edged up by 15 cents, or 0.3%, to settle at $57.66 a barrel on the New York Mercantile Exchange, posting a gain for a third consecutive session. The contract lost 1.6% for last week, according to Dow Jones Market data.
International benchmark September Brent lost 12 cents, or 0.2%, to $64.11 a barrel on ICE Futures Europe. Brent declined 0.8% for last week.
Source : Marketwatch