Oil Futures Down on Jones Act Waiver

Reuters reported that oil futures fell after the US government issued a waiver that allows foreign tankers to supply the Northeastern US with fuel. Normally the Jones Act only allows US tankers to supply that region.

As quoted in the market news:

Brent crude sank for a fifth straight day, shrugging off early optimism from U.S. jobs data that showed employers stepped up hiring in October, and keying in on Japan’s economic doldrums.

Global oil benchmark Brent hit its lowest level since early August, trading down $1.72 at $106.45 a barrel at 1:40 p.m. EDT, while U.S. crude gave up $1.69 to trade at $85.40 a barrel.

Click here to read the full Reuters report.