Oil prices settle lower as crude flows from Middle East improve
Both oil benchmarks fell for the day
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.
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Also reported by 1 other outlet
- Crude Prices Sink on Larger Flows of Oil Through the Strait of Hormuz finance.yahoo.com
