Oil futures pushed higher in choppy trade Monday, erasing earlier weakness in an attempt to bounce back from a sharp October selloff that pushed both the global and U.S. benchmarks into correction territory, as sanctions on Iran take effect but are blunted by the Trump administration’s decision to grant waivers to eight buyers of the country’s crude.
January Brent crude LCOF9, +1.50% the global benchmark, rose 62 cents, or 0.9%, to $73.45 a barrel on the ICE Europe exchange, while West Texas Intermediate for December CLZ8, +1.09% rose 39 cents, or 0.6%, to $63.53 a barrel on the New York Mercantile Exchange.
