U.S. crude closed slightly lower on Monday after rising as much as 1 percent on Saudi Arabia’s pledge to work on price stability offset some worries about the global oil market glut.
A rally in gasoline and ultralow sulfur diesel (ULSD) futures also bolstered the petroleum complex. Traders bought those refined products amid strong demand for gasoline at pumps and the onset of colder weather in Northeastern United States, which should boost demand for heating oil, or ULSD.
Earlier in the session, a broader commodities selloff led by copper and firmer dollar had weighed on oil.
[“source -cncb”]
