Crude oil futures trade near 1-month lows | News Canada Binary
Crude oil futures trade near 1-month lows | News Canada Binary.
Crude oil futures trade near 1-month lows
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The Future is Binary – Crude oil futures were trading near one-month lows on Friday, as concerns over potential supply disruptions in the Middle East began to subside.
Crude oil remains under pressure as supply worries subside
On the New York Mercantile Exchange, for delivery in August traded at $103.98 a barrel during European morning trade, down 0.08%.
Prices dropped 0.40% on Thursday to settle at $104.06.
Futures were likely to find support at $103.97 a barrel, the low from June 11 and resistance at $105.53, the high from July 7.
Oil prices came under pressure amid expectations for more shipments from Libya and Iran, although ongoing concerns over violence in Iraq were expected to limit losses.
Investors were also focusing on talks between Iran and world powers to end the dispute over its controversial nuclear program. Teheran has reduced demands for the size of its future nuclear enrichment program although the West is urging for further compromise.