Oil finds footing as investors eye Iran sanctions
Oil futures inched higher Monday, buoyed by continued concerns over the impact of renewed sanctions on Iran and signs of a pickup in crude demand from China.
October West Texas Intermediate crude CLV8, +0.18% the U.S. benchmark traded on the New York Mercantile Exchange rose 60 cents, or 0.9%, to $68.35 a barrel. November Brent crude LCOX8, +0.61% the global benchmark, gained 89 cents, or 1.2%, to $77.72 a barrel.
“Investors are continuing to play a cautious game with the markets as it continues to be in a volatile,” said Mihir Kapadia, chief executive officer and founder of Sun Global Investments, in a daily note. “We do not expect things to settle down until the dust has settled on sanctions and the global trade dispute between the U.S. and the majority of global economic powers cools down.”