Investing.com - Oil prices fell but remained range bound on Tuesday due to uncertainty over the impact a government shutdown and default fears may have on recovery, while Iran's moves to end a nuclear standoff that may end oil embargoes also pushed prices down.
On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD101.63 a barrel during U.S. trading, down 0.76%.
The commodity hit a session low of USD101.25 and a high of USD102.46. The November contract settled up 0.38% at USD102.41 a barrel on Monday.
Oil futures were likely to find support at USD101.08 a barrel, Monday's low, and resistance at USD102.58 a barrel, Monday's high.
Hopes continued to build on Tuesday that U.S. lawmakers and the White House are closer to agreeing on a spending packaged needed to reopen the government and avoid a default.
The U.S. is due to hit its debt ceiling on Thursday, after which Washington won't be able to guarantee all of its obligations.
Still, concerns the government shutdown and the uncertainty surrounding it may weigh on growth by dampening confidence and crimp demand for fuel and energy sent prices falling on Tuesday.
On the flip side, however, were buyers who snapped up positions on sentiment that U.S. policymakers will agree on a deal to end the impasse and reopen the federal government, curbing oil's losses.
Elsewhere, Iran was engaged in talks with the U.S., U.K., France, Germany, Russia and China to discuss ways to end an impasse over Tehran's nuclear ambitions.
Oil fell on the sentiments that thawing relations between Iran and the West may eventually lead to an end to sanctions imposed on the Middle Eastern country and boost global oil supply.
Meanwhile on the ICE Futures Exchange, Brent oil futures for November delivery were down 0.51% at USD109.68 a barrel, up USD8.05 from its U.S. counterpart.
On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD101.63 a barrel during U.S. trading, down 0.76%.
The commodity hit a session low of USD101.25 and a high of USD102.46. The November contract settled up 0.38% at USD102.41 a barrel on Monday.
Oil futures were likely to find support at USD101.08 a barrel, Monday's low, and resistance at USD102.58 a barrel, Monday's high.
Hopes continued to build on Tuesday that U.S. lawmakers and the White House are closer to agreeing on a spending packaged needed to reopen the government and avoid a default.
The U.S. is due to hit its debt ceiling on Thursday, after which Washington won't be able to guarantee all of its obligations.
Still, concerns the government shutdown and the uncertainty surrounding it may weigh on growth by dampening confidence and crimp demand for fuel and energy sent prices falling on Tuesday.
On the flip side, however, were buyers who snapped up positions on sentiment that U.S. policymakers will agree on a deal to end the impasse and reopen the federal government, curbing oil's losses.
Elsewhere, Iran was engaged in talks with the U.S., U.K., France, Germany, Russia and China to discuss ways to end an impasse over Tehran's nuclear ambitions.
Oil fell on the sentiments that thawing relations between Iran and the West may eventually lead to an end to sanctions imposed on the Middle Eastern country and boost global oil supply.
Meanwhile on the ICE Futures Exchange, Brent oil futures for November delivery were down 0.51% at USD109.68 a barrel, up USD8.05 from its U.S. counterpart.