Crude oil price falls as Iran signals diplomacy to end war
At 10:02 AM on Thursday, Brent oil futures for November were $102.24, down 0.81%, while WTI crude oil futures were $91.45, down 0.77%
On Thursday morning, crude oil prices declined as Iran expressed a willingness to engage in diplomatic efforts to conclude the conflict with the United States. At 10:02 am, Brent oil futures fell to $102.24, a 0.81 percent decrease, while WTI (West Texas Intermediate) crude oil futures dropped to $91.45, a 0.77 percent reduction.
October crude oil futures on the Multi Commodity Exchange (MCX) opened at ₹8787, a 0.43 percent drop from the prior close of ₹8825, and November futures opened at ₹8552, a 0.49 percent reduction from the prior close of ₹8594. A Reuters report, citing an unnamed Iranian official, stated that Iran and the US remain at odds regarding the resolution of their war, but diplomacy should persist.
The official added that Iran is assessing the US reaction to its peace proposals, which emphasize the removal of a US naval blockade on Iranian ports and the reopening of the Strait of Hormuz. According to the official, Iran will not compromise its right to develop nuclear technology for economic purposes nor allow unhindered navigation through the Strait of Hormuz as long as sanctions and the US blockade persist.
Earlier, Iranian President Masoud Pezeshkian stated at the UN General Assembly that Iran would not yield to threats and would not relinquish its right to nuclear technology for economic growth. Recent petroleum data from the US Energy Information Administration (EIA) revealed a weekly increase in crude oil inventories, with commercial crude oil reserves rising 3 million barrels to 426.4 million barrels for the week ending September 18, a 2 percent hike above the five-year average.
Gasoline inventories fell 1.7 million barrels, 6 percent below the five-year mean, and distillate inventories decreased by 0.4 million barrels, 12 percent under the five-year average. Over the past four weeks, total products supplied in the US averaged 20.6 million barrels daily, up 0.5 percent year over year. Gasoline product supplies decreased by 0.8 percent year over year to 8.8 million barrels daily, while distillate product supplies rose by 0.3 percent to 3.6 million barrels daily.
Jet fuel product supplies increased by 6.2 percent year over year. October natural gas futures on both MCX and NCDEX rose, with October dhaniya contracts at ₹14650 and October guargum futures at ₹13230, both up by 1.10 percent and 0.32 percent respectively in the early trading session on Thursday.
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