Crude Prices Sink on Larger Flows of Oil Through the Strait of Hormuz
Oil prices fell on Tuesday as increasing flows of Saudi crude through the East-West pipeline and the Strait of Hormuz boosted supply, according to The Business Times. The Brent crude futures for the November contract settled at US$99.25 a barrel, down 1.09 per cent, while the WTI October contract finished at US$94.99 a barrel, down 1.24 per cent.
The drop in prices was attributed to hopes that a peace deal between the US and Iran could come during the UN General Assembly meeting in New York, despite US President Donald Trump's comments that a deal would not happen until after the US midterm elections in early November.
Brief written by urgent.news from The Business Times - Companies & Markets's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Oil prices settle lower as crude flows from Middle East improve businesstimes.com.sg
