The price of crude oil futures hovered and hinged on a summit between the leaders of the U.S. and Israel regarding saber rattling by Iran, the oil-rich Middle Eastern nation developing a nuclear program about which western nations are leery, according to Bloomberg.
U.S. President Barack Obama is set to host Israeli Prime Minister Benjamin Netanyahu on Monday as the two leaders are slated to discuss the best strategy of confronting Iran. The price of the energy commodity also dropped as a result of China, host of the globe's most quickly developing economic system, reducing its target for economic growth.
"We're rising and falling on the latest Iranian headlines," analyst Phil Flynn with PFGBest in Chicago told the news source on Monday. "Concerns about Iran are going to keep a floor under this market. We started weaker today because of the Chinese growth forecast, but seem to have shrugged that off."
At 10:08 a.m. on Monday, crude oil futures increased 0.27 percent, a 33 cent lift to $123.98 per barrel.
Dow Jones Newswires reports Israel is counting on the U.S. coming on stronger regarding its military capacities.
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