Oil futures fell for a fifth session in a row on Monday, with the U.S. benchmark at logging its lowest finish in almost six weeks as the immediate risk of a bigger U.S.-Iran conflict continued to fade, easing worries about potential global supply disruptions.
President Donald Trump has “also backed away from military confrontation, as increased tensions in the Middle East and higher Oil prices will hit both consumers and businesses which is the last thing he wants before the November Presidential election,” he said.
West Texas Intermediate crude for February delivery fell by 96 cents, or 1.6%, to settle at $58.08 a barrel on the New York Mercantile Exchange. That was the lowest finish for a front-month contract since Dec. 3, according to Dow Jones Market Data. Prices also tallied a fifth straight session decline, the longest losing streak since the eight-session fall that ran to Oct. 3.
March Brent crude lost 78 cents, or 1.2%, to $64.20 a barrel on ICE Futures Europe, with prices down a fifth session and at the lowest settlement since Dec. 12.
Source : MarketWatch