Investing.com - Oil futures traded slightly lower during Monday’s Asian session following the result of Iran’s election Friday.
On the New York Mercantile Exchange, light, sweet crude futures for August delivery fell 0.16% to USD97.92 per barrel in Asian Monday after rising 1.45% Friday to settle the week at USD98.07 a barrel by close of trade.
Crude rose 1.9% for the week, its second straight weekly advance, even after some mediocre U.S. economic data.
In U.S. economic news out last Friday, the Thomson Reuters/University of Michigan's preliminary reading for the June consumer sentiment index fell to 82.7 from 84.5 in May. Economists expected a June reading of 84.5, which was an almost six-year high when reported last month.
New data from the U.S. Commodity Futures Trading Commission indicated that traders have slightly increased their long bets on oil.
Reports that the U.S. will arm Syrian rebels in wake of allegations that Bashar al-Assad’s government forces have used chemical weapons during the internal conflict sent oil prices sharply higher on Friday.
While Syria is not a major oil producer, investors fear that the two-year-old civil war could spill over to affect oil supplies in nearby countries.
Crude’s slight Monday loss comes after moderate cleric Hasan Rowhani was announced as the winner in Irani elections held Friday.
Rowhani is seen as the least offensive of the candidates that were eligible to run because the country’s ruling party would not allow more reform-minded candidates a place on the ballot.
The Obama Administration said it respects the result of the election and that it is still willing to talk with Iran regarding the country’s nuclear programs. Iran is the sixth-largest producer in the Organization of Petroleum Exporting Countries.
Elsewhere, Brent for August delivery was flat at USD105.86 per barrel on the ICE Futures Exchange.
On the New York Mercantile Exchange, light, sweet crude futures for August delivery fell 0.16% to USD97.92 per barrel in Asian Monday after rising 1.45% Friday to settle the week at USD98.07 a barrel by close of trade.
Crude rose 1.9% for the week, its second straight weekly advance, even after some mediocre U.S. economic data.
In U.S. economic news out last Friday, the Thomson Reuters/University of Michigan's preliminary reading for the June consumer sentiment index fell to 82.7 from 84.5 in May. Economists expected a June reading of 84.5, which was an almost six-year high when reported last month.
New data from the U.S. Commodity Futures Trading Commission indicated that traders have slightly increased their long bets on oil.
Reports that the U.S. will arm Syrian rebels in wake of allegations that Bashar al-Assad’s government forces have used chemical weapons during the internal conflict sent oil prices sharply higher on Friday.
While Syria is not a major oil producer, investors fear that the two-year-old civil war could spill over to affect oil supplies in nearby countries.
Crude’s slight Monday loss comes after moderate cleric Hasan Rowhani was announced as the winner in Irani elections held Friday.
Rowhani is seen as the least offensive of the candidates that were eligible to run because the country’s ruling party would not allow more reform-minded candidates a place on the ballot.
The Obama Administration said it respects the result of the election and that it is still willing to talk with Iran regarding the country’s nuclear programs. Iran is the sixth-largest producer in the Organization of Petroleum Exporting Countries.
Elsewhere, Brent for August delivery was flat at USD105.86 per barrel on the ICE Futures Exchange.