Crude oil fell on Monday after Iran and six major powers struck a fresh six-month deal to curb its nuclear program, which may reduce sanctions on Tehran that will lead to increasing oil supplies in the global markets.
However, if Iran fails to abide by the agreement, the United States is prepared to increase its sanctions. But for now, the US President Barack Obama urged Congress not to impose additional sanctions on the country.
Meanwhile, the highly anticipated US jobs numbers on Friday turned out to be weaker-than-expected, suggesting the Federal Reserve may slow down tapering its bond-buying stimulus, increasing the appetite for risky assets such as oil.
The number of new jobs added in December in the US rose just 74,000, the smallest increase since January 2011. However, after Friday’s gains crude tended to retreat, adding downside pressures on prices.
In South Sudan, supply could also find its way to global markets after the country`s army regained a rebel-held northern town giving the government control of a region where oil production had been halted in recent weeks.
Meanwhile, in Libya the tension between government forces and rebels groups worsened after gunmen killed the country`s deputy industry minister on Saturday, which may give a floor to oil prices.
- WTI crude oil futures for February is trading around $ 92.39 a barrel after falling $0.33
- Brent futures for February settlement is trading around $ 107.18 a barrel after falling $0.07
- Natural gas is trading at $ 4.127 per cubic feet after rising 1.83%
- Gasoline is trading at $ 2.6686 per cubic feet after falling 0.02%
- Heating oil (diesel) is trading at $ 2.9425 a gallon after rising 0.06%
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Crude Retreats On Iran Nuclear Deal, Weak US Jobs Data
Published 01/13/2014, 05:35 AM
Updated 07/09/2023, 06:31 AM
Crude Retreats On Iran Nuclear Deal, Weak US Jobs Data
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