Investing.com - Oil futures traded lower in the early part of Monday’s Asian session as traders stepped away from riskier assets due to the ongoing U.S. government shutdown.
On the New York Mercantile Exchange, light, sweet crude futures for November delivery fell 0.35% to USD103.48 per barrel in Asian trading Monday. The November contract settled up 0.51% at USD103.84 per barrel last Friday.
Last week, New York-traded crude broke a four-week skid, rising 0.95%. Oil futures were likely to find support at USD101.07 a barrel, the low from October 1 and resistance at USD105.09 a barrel, the high from September 23.
Oil prices were boosted as Tropical Storm Karen continued to bear down on the energy-rich U.S. Gulf Coast prompting oil-rig evacuations ahead of time.
Oil major BP shut in all its oil and natural gas output in the Gulf on Friday, while Exxon Mobil reduced output by 1,000 barrels of oil equivalent a day and pulled nonessential personnel from offshore operations in the region.
However, gains were capped due to the shutdown, the first in the U.S. since the 1990s. The shutdown prevented the release of September’s non-farm payrolls report last Friday and speculation is increasing that if the shutdown runs into the debt-ceiling deadline, the U.S. could see its sovereign credit rating lowered.
Elsewhere, Brazil's government will announce a massive oil discovery off the country's northeast coast later this month, according to MarketWatch. It is expected the find off the coast of the Sergipe state will be the largest new oil discovery announced in the world this year.
Meanwhile, Brent crude futures for November delivery lost 0.07% to USD109.23 per barrel on the ICE Futures Exchange.
On the New York Mercantile Exchange, light, sweet crude futures for November delivery fell 0.35% to USD103.48 per barrel in Asian trading Monday. The November contract settled up 0.51% at USD103.84 per barrel last Friday.
Last week, New York-traded crude broke a four-week skid, rising 0.95%. Oil futures were likely to find support at USD101.07 a barrel, the low from October 1 and resistance at USD105.09 a barrel, the high from September 23.
Oil prices were boosted as Tropical Storm Karen continued to bear down on the energy-rich U.S. Gulf Coast prompting oil-rig evacuations ahead of time.
Oil major BP shut in all its oil and natural gas output in the Gulf on Friday, while Exxon Mobil reduced output by 1,000 barrels of oil equivalent a day and pulled nonessential personnel from offshore operations in the region.
However, gains were capped due to the shutdown, the first in the U.S. since the 1990s. The shutdown prevented the release of September’s non-farm payrolls report last Friday and speculation is increasing that if the shutdown runs into the debt-ceiling deadline, the U.S. could see its sovereign credit rating lowered.
Elsewhere, Brazil's government will announce a massive oil discovery off the country's northeast coast later this month, according to MarketWatch. It is expected the find off the coast of the Sergipe state will be the largest new oil discovery announced in the world this year.
Meanwhile, Brent crude futures for November delivery lost 0.07% to USD109.23 per barrel on the ICE Futures Exchange.