Crude Oil Ends Higher on Eased Tensions from Iran

Crude oil futures ended higher on Monday after a volatile session in reaction to eased tensions on Iran’s situation. The talks on Iran’s nuclear program eased the tensions over oil supply. The oil also got boost from higher stock markets and lower greenback. Moreover, the news of Seaway pipeline, Enbridge & Enterprise Products Partners asking permission to reverse the pipeline flow by mid May also created more demand for crude oil. The respective pipeline will carry almost 150,000 barrels of oil per day from Midwest to Gulf of Mexico.

Crude oil futures contract for May delivery gained 0.1 percent or $0.10 to settle at $102.93 per barrel on the New York Mercantile Exchange. The Brent crude oil fell 2.1 percent or $2.53 to settle at $118.68 per barrel on the ICE Futures Exchange in London.

Analysts foresee the New York crude oil would the reach $95 per barrel in the third quarter while Brent crude is expected to reach $135 per barrel.

Among other energy commodities, gasoline futures contract for May delivery fell 2.4 percent or $0.08 to settle at $3.27 per gallon while heating oil futures contract for the same month declined 1.6 percent or $0.06 to settle at $3.12 per gallon.

Natural gas futures contract for May delivery advanced 1.8 percent or $0.03 to settle at $2.02 per million British thermal units.

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