Crude oil futures settle lower amid optimism over smooth supply
Private reports indicated that several oil tankers successfully navigated through the Strait of Hormuz over the weekend
After surging notably higher over the past few sessions, Crude oil futures settled lower on Monday amid optimism over smooth supply. Private reports indicated that several oil tankers successfully navigated through the Strait of Hormuz over the weekend, fueling expectations that the key shipping route may reopen soon.
Benchmark crude oil futures for April delivery declined $5.21 or 5.27% to settle at $93.50 a barrel on the New York Mercantile Exchange. Brent crude for May delivery fell $2.93 or 2.84% to settle at $100.21 a barrel on London's Intercontinental Exchange.
