Oil prices edge lower, giving up early gains from death of Iran’s president (NYSEARCA:USO)

US crude oil futures on Monday failed to maintain the $80 level reached last week, as two US Federal Reserve officials said they had not yet concluded that inflation trends are back to the central bank's 2% target. Waiting for more signs of declining inflation Before he starts lowering interest rates.

The deaths of Iran's president and foreign minister when their helicopter crashed on Sunday in bad weather had little impact on the oil market, as Iran's oil policy likely will not be affected because Supreme Leader Ayatollah Ali Khamenei holds absolute power in the country.

“Oil is falling despite the death of the Iranian president, which should boost the risk premium, and despite a strong rally in metals and other commodities in response to Chinese stimulus measures,” FxPro analyst Alex Kubtsikevich wrote, according to Dow Jones.

oil market”He seems increasingly numb “This is likely due to the large amount of spare spare capacity that OPEC has,” said Warren Patterson, head of commodities strategy at ING.

Front-month Nymex crude (CL1:COM) closed for June delivery -0.3% To $79.80 per barrel, the price of Brent crude for July (CO1:COM) settled next month. -0.3% to $83.71 per barrel, ending a three-session winning streak for both standards.

ETFs: (NYSEARCA:use), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI)

Russian oil exports to China in April rose 30% At the same time last year, Reuters reported.

Russia has remained China's largest supplier for 12 straight months, demonstrating the shift in export patterns following the imposition of the G7 oil price cap and other sanctions.

China imported a total of 2.25 million barrels per day of oil from Russia in April, in addition to 980,000 barrels per day from Malaysia, which served as a conduit for sanctioned oil from Iran and Venezuela.