Crude oil posts fourth straight loss as supply disruptions remain minimal

[Data analyzing in commodities energy market: the charts and quotes on display. US WTI crude oil price analysis. Stunning price drop for the last 20 years.]
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Crude oil futures edged lower Monday as Ukraine's weekend attacks on Russian facilities and the European Union's plan for additional sanctions against Russia [https://seekingalpha.com/news/4496780-oil-prices-slide-as-market-shrugs-off-expanded-eu-sanctions-on-russia] were offset by continuing concerns of coming oil market oversupply.

"Traders are back to focusing on a possibly oversupplied global oil market that is soon to come," BOK Financial seniro VP of trading Dennis Kissler of BOK Financial said in a note.

Even as Ukraine continues to target Russian oil infrastructure with more drone attacks over the weekend, "while geopolitical aspects remain elevated, at this time it seems no major disruptions look to be slowing global crude supplies," Kissler wrote.

Tensions also rose in Eastern Europe after Estonia said Russian fighter jets had entered its airspace on Friday, but the event did not result in an oil supply disruption.

Separately, the Trump administration is urging the World Bank to allocate more funding for fossil fuel projects [https://www.ft.com/content/24c67b12-14d5-43a8-a00e-54eba71fcba5], the _Financial Times_ reported, apparently part of the administration's broader effort to roll back climate change policies and bolster the oil and gas industries.

The two major oil trading benchmarks fell for the fourth straight session, with front-month Nymex crude (CL1:COM [https://seekingalpha.com/symbol/CL1:COM]) for October delivery finishing -0.6% to $62.28/bbl, its lowest settlement in two weeks, and front-month November Brent crude (CO1:COM [https://seekingalpha.com/symbol/CO1:COM]) closing -0.1% to $66.57/bbl.

U.S. natural gas (NG1:COM [https://seekingalpha.com/symbol/NG1:COM]) also fell for the fourth consecutive session, as weather-driven demand carries less weight going into the shoulder season and gas in storage sits above average; the front-month October Nymex contract closed -2.8% to $2.806/MMBtu, its lowest since August 26.

ETFs: (NYSEARCA:USO [https://seekingalpha.com/symbol/USO]), (BNO [https://seekingalpha.com/symbol/BNO]), (NYSEARCA:UCO [https://seekingalpha.com/symbol/UCO]), (SCO [https://seekingalpha.com/symbol/SCO]), (USL [https://seekingalpha.com/symbol/USL]), (DBO [https://seekingalpha.com/symbol/DBO]), (DRIP [https://seekingalpha.com/symbol/DRIP]), (GUSH [https://seekingalpha.com/symbol/GUSH]), (USOI [https://seekingalpha.com/symbol/USOI]), (UNG [https://seekingalpha.com/symbol/UNG]), (BOIL [https://seekingalpha.com/symbol/BOIL]), (KOLD [https://seekingalpha.com/symbol/KOLD]), (UNL [https://seekingalpha.com/symbol/UNL]), (FCG [https://seekingalpha.com/symbol/FCG]), (NYSEARCA:XLE [https://seekingalpha.com/symbol/XLE])

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