Investing.com – Speculation that the U.S. may not go full throttle with sanctions on Iran forced the rally in oil to pause again Monday, bringing greater scrutiny on forecasts for $100 Brent.
As trading for oil began a new week, there were concerns the road to triple digits in oil may get a lot of bumpier, with the Trump Administration’s apparent will to let Tehran sell some oil after all come Nov. 4 – vs. its original zero-exports target – if that will keep gas prices in the U.S. from ramping above $3 and help some “friendly” nations like India balance their energy needs.
London-traded Brent was down 0.5% by 2:00 PM ET (18:00 GMT). U.S. West Texas Intermediate WTI crude fell 0.2%, exhibiting the weaker sentiment in place since the outsize build of 8 million barrels in U.S. crude stockpiles during the week ended Sept. 28, a number that was four times more than expected.
Just before the slowdown, Brent’s peak was an October 2014 high of $86.74, while WTI’s high was $75.20.
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