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MTECHTIPS:-U.S. crude falls, as Iran supply concerns outweigh spike in China demand
U.S. crude futures closed significantly lower on Tuesday on a volatile day of trading, as investors continued to digest Iran’s historic return to global energy markets and reports of record annual demand in China while oil prices remained at near 12-year lows. On the New York Mercantile Exchange, WTI crude for March delivery wavered between $29.42 and $31.34 a barrel before settling at $29.62, down 0.80 or 2.62% on the session. U.S. crude futures remain near multi-year lows from last Friday’s session when they hit a low of $29.13 a barrel. During a rough opening month of the year, WTI crude has tumbled by nearly 15%. On the Intercontinental Exchange (ICE), brent crude for March delivery traded between $28.61 and $30.25 a barrel before closing at $28.84, up 0.29 or 1.02% on the day. In spite of the slight gains, North Crude sea futures have still plummeted by more than 22% in January. In Asian trading on Sunday night, brent futures dipped below $28 a barrel to hit a 13-year low. Meanwhile, the spread between the U.S. and international benchmarks of crude stood at 0.88, below Monday’s level of 1.27 at the close of trading. Investors continued to react to Saturday’s Implementation Day announcement after a report from the International Atomic Energy Agency (IAEA) found that the Persian Gulf state completed the steps necessary to restrict its nuclear testing program. The assessment helped unlock a bevy of long-term economic sanctions that limited Iranian exports to around 1 million barrels
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