Crude Touches One-Week Low as Iranian Shortage Fears Are Eased
- Technical indicators point to 20-day moving average at $71.99
- Hurricane Michael shuts almost one-fifth of Gulf oil output
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Oil slipped to a one-week low amid signs that Iranian supply disruptions may not be as severe as expected.
Futures declined 5 cents a barrel on Monday after last week touching the highest since 2014. U.S. government officials were said to be in talks with countries seeking exemptions from American sanctions that will ban crude purchases from Iran within weeks. Saudi Arabia and allied producers already have raised output to mitigate any drop in Iranian exports.