After declining greatly early on in the session, petroleum futures restored lost ground and ended flat on Monday.
Oil prices decreased after the United States said it is thinking about waivers on sanctions against Iran that will take effect on November 4.
. prices came off lower levels in the middle of reports about disruptions in oil production in the Gulf of Mexico due to typhoon Michael and news about surge at an essential oil refinery in Canada.
Crude oil futures for November declined to a low of $73.08 a barrel prior to recovering to close at $74.29 a barrel, down 5 cents from previous close.
On Friday, petroleum futures for November ended at $74.34 a barrel, gaining a cent.
According to reports, the U.S. administration is “in the midst of an internal process” of considering waivers for countries that are reducing imports of Iranian crude.
It is widely expected that Saudi Arabia will gradually increase production to compensate for the loss of Iranian oil from early November.
Traders were looking ahead to crude stocks information from American Petroleum Institute and Energy Details Administration.
The product has actually been supplied by InstaForex Company – www.instaforex.com