Oil prices slipped at close of play on Friday (November 2nd) after the dollar gained strength and the US government allowed foreign tankers to deliver additional supplies in the wake of Hurricane Sandy.
This relaxing of restrictions allowed better access to supplies, as the eastern seaboard of the US was battered by 90mph winds that swept through New York and down to North Carolina, leaving 95 dead.
Output from East Coast refineries has been hit by the mega storm, forcing Washington decision-makers to waive regulations, enshrined in the Jones Act, on foreign freighters delivering oil from US ports.
"This waiver will remove a potential obstacle to bringing additional fuel to the storm-damaged region," Homeland Security secretary Janet Napolitano stated.
At 16:40 GMT today (November 5th), the commodities market was more settled, with Brent Crude Oil Futures stabilising at $105.81 per barrel and West Texas Intermediate Crude Oil Futures holding firm at $85.18 per barrel.
Learn all about CFD trading strategies and the commodities market at City Index.