Crude oil futures fall as Trump signals productive talks with Iran
December Brent oil futures at $102.93, down by 1.29%
Crude oil prices fell on Friday as US President Donald Trump announced productive talks with Iran and stated he would not attack the country before the US mid-term elections. Brent oil futures dropped by 1.29 percent to $102.93, while WTI crude oil futures declined by 1.16 percent to $90.43. In India, October crude oil futures on MCX fell by 1.23 percent to ₹8,755, and November futures dropped by 1.33 percent to ₹8,711.
Trump expressed his confidence in the negotiations, stating that Iran is in bad economic and military shape, and the blockade will remain in full effect. Despite this, oil will continue to flow in record numbers through the Hormuz Strait. Meanwhile, Hurricane Isaias in the Gulf of Mexico forced oil producers to shut in 1.3 million barrels per day, or 62.9 percent of current production.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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