Last week saw the energy commodity drop lower than $100 per barrel for the first time since July of last year. Waning global demand has been tugging down crude oil futures as of late.
"Last week, we saw Brent make this aggressive move under $100," vice president Peter Donovan with Vantage Trading in New York told the news source on Monday. "I think guys got the impression that this is a safer spot to come in and buy, at least temporarily."
At 10:17 a.m. on Monday, West Texas Intermediate crude oil futures dropped 0.47 percent, a 41-cent loss to $87.98 per barrel. At 10:12 a.m., Brent crude oil futures fell 0.21 percent, a 21-cent slide to $99.72 per barrel.
Reuters reports imports of Iranian crude to South Korea last month plunged more than 16 percent as compared to figures from one year ago, according to data released by state-owned Korea National Oil Corporation on Monday.
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.