US cash crude grades ease as Trump downplays likelihood of strikes on Iran
USO•US cash crude grades mostly eased as Trump said renewed strikes on Iran were highly unlikely while talks progressed. Brent futures fell $5.75 to $92.57 a barrel and WTI fell $3.98 to $86.85.
1. Crude grades mixed
US cash crude grades mostly eased on Monday as Trump downplayed the likelihood of renewed strikes on Iran, easing concerns about physical oil supply. Light Louisiana Sweet firmed 50 cents to a $2.00-a-barrel premium, while Mars Sour eased 40 cents to a $1.75 discount and WTI Midland eased 15 cents to a 25-cent premium.
2. Futures fall
Brent January futures fell $5.75 to settle at $92.57 a barrel, while WTI December futures fell $3.98 to $86.85. Both countries reported shipping had been hit in or near the Strait of Hormuz, and Saudi state media reported a strike on the East-West oil pipeline in the Medina region.
