MTECHTIPS;-Crude Oil Prices Settle Lower on Demand Concerns

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MTECHTIPS;-Crude Oil Prices Settle Lower on Demand Concerns

MTECHTIPS-crude oil prices settled lower Monday, amid investor concerns that a tropical storm could dent crude demand. But losses were limited by ongoing expectations for a fall in Iranian crude exports amid looming U.S. sanctions. On the New York Mercantile Exchange, crude futures for October delivery fell 0.30% to trade at $67.55 a barrel, while on London’s Intercontinental Exchange, Brent rose 0.77% to trade at $77.42 a barrel. As Hurricane Florence barrels toward the coasts of South Carolina and North Carolina, investors have seemingly become concerned that crude demand could come under pressure, hurting oil prices, as people and businesses in the region are expected to hunker down. Some analysts echoed those concerns, as Florence’s path is far from refineries and oil production. Yet there is potential for output as well as demand disruption as storms Isaac and Helene may hit energy production, said Phil Flynn, senior market analyst at Price Futures Group. Heading into settlement, however, crude prices cut losses as investors continued to bet on steep losses of Iranian crude from market as the Islamic Republic’s exports are showing signs of vulnerability ahead of U.S. sanctions due in November

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