US cash crude grades fall as Trump says he is not considering Iran strikes after midterms
USO•USO•USO•USO•US cash crude grades fell after President Donald Trump raised doubts about resuming strikes on Iran and said a deal with Tehran could happen. December WTI crude futures fell $7.66 to $96.46 a barrel, while January Brent fell $8.66 to $104.77.
US cash crude grades fell on Monday as Trump’s comments eased some concerns about supply disruptions. Light Louisiana Sweet fell 50 cents to a $2.50-a-barrel premium to US crude futures, while Mars Sour fell $1 to parity and West Texas Sour fell $1.05 to a $2.85 discount.
US refiners are expected to have about 81,000 barrels per day of capacity offline for the week ending November 6, increasing available capacity by 332,000 bpd, IIR Energy said. A preliminary poll estimated US crude inventories rose about 2 million barrels in the week ended October 30.
December WTI crude futures fell $7.66 to settle at $96.46 a barrel. January Brent futures fell $8.66 to $104.77 a barrel.
