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Oil near 7-month lows on Iran waivers

From marketpulse.com

Commodity markets are being influenced by the US dollar’s direction as the results of the US midterm elections unfold. An oversupplied market saw oil prices lower, while precious metals held steady. The agricultural sector is seeing harvests affected by the weather. Energy CRUDE OIL is falling for a fifth straight week as the supply worries related to the imposition of Iran sanctions ease. The US announced that eight importers had been given temporary waivers from the Iran sanctions, allowing Iranian oil to still flow to those destinations. Last week saw the biggest weekly decline since early-February and oil touched ... (full story)

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  • Category: Technical Analysis