The overarching concern of the past year, the ongoing Greek debt crisis that has put substantial pressure on the region's economy, continues to push oil prices down.
Bloomberg reports there had been some positive sentiment in advance of a meeting of European Union officials, but few hoped for an actual solution to the problem, limiting any gains.
Meanwhile, Iran had threatened to shut off exports of crude oil to Europe as early as this week, pushing futures higher. But the impact from this news has been blunted by speculation that Iran could not afford to cut off this source of revenue immediately, giving European companies time to find other suppliers.
"Brent has been more resilient because of what is happening in the Middle East," Michael Hewson, an analyst at CMC Markets, told Reuters. "But oil is basically trading in a range. There's a little bit of ebb and flow but not much driving it."
At 10:48 a.m. crude oil futures were down 0.15 percent, a 17 cent drop to $111.29 per barrel.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.