Forexpros – Crude futures dipped in early Asian trading on Monday as the market digested mixed signals out of Iran, where leaders threatened to halt shipments to “some” unidentified countries will the country halted the legisliative process that would allow such a move to take place.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD99.44 a barrel, down 0.12%.
The commodity hit an earlier session high of USD100.03 and a low of USD99.36.
The European Union has slapped an oil import ban on Iran to protest the country’s nuclear ambitions although the measure doesn’t take effect until July.
While Iran has said it was willing to return to talks with the West to ease the tensions, some Iranian lawmakers in Parliament have said the country should halt exports to some countries although parliamentary debates needed to approve such a measure have been postponed.
Meanwhile, International Atomic Energy Agency inspectors are in Tehran to open dialogue with Iranian officials in an effort to ease geopolitical tensions.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for March delivery were down 0.07% and trading at USD111.55 a barrel, up USD12.11 from its U.S. counterpart.
The gap in price between the two contracts hovers toward the higher end of a range between a nearly USD20.00 all-time high and a historical spread of USD1.00.
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