Light, sweet crude for August delivery edged up 10 cents to settle at 145.18 dollars a barrel on the New York Mercantile Exchange. Price moved between 142.49 dollars and 146.37 dollars during the trading session.
U.S. President Bush lifted an executive ban on offshore oil drilling on Monday and urged the U.S. Congress to act as well in a bid for cooling the high energy prices. However, analysts do not believe that such a move will ease the tight global crude supplies for the short term, because it would take entire time to obtain actual output from new fields whether or not the bans were removed.
The dollar gained marginally against the euro and yen on Monday following the U.S. Fed and the Treasury Department announced unprecedented steps to support the plummeting mortgage giants Fannie Mae and Freddie Mac. However the dollar fell from the sterling pound and the Swiss franc. The dollar's mixed trading led to the fluctuating of the crude futures.
Meanwhile, supply concerns continued to weigh on the market as Iranian officials said on Sunday the country would fight against any attacks and "cut from the hands" of invaders, and the oil workers in Brazil began a five-day strike on Monday. Worries of disruptions of oil production and exportation in Iran, Nigeria and Brazil sent the crude futures for an all-time peak of 147.27 dollars a barrel on Friday.
In London, Brent crude for August delivery fell 57 cents to settle at 143.92 dollars a barrel on the ICE Futures Exchange.
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