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.
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