Oil down over USD7 a barrel in post settlement trade
LONDON: Brent crude futures continued tumbling after settlement on Monday to lose more than USD7 a barrel, hitting their lowest since late August, after US President Donald Trump downplayed the likelihood of renewed strikes on Iran. Brent crude futures settled down USD5.75, or 5.85 percent, at USD92.57 a barrel. Prices continued falling after settlement, and were last down more than USD7 a…
Oil prices dropped below USD7 a barrel in after-hours trading on Monday, hitting their lowest since late August, following US President Donald Trump's dismissal of the possibility of renewed strikes on Iran. Brent crude futures settled 5.85 percent lower at USD92.57 a barrel, while US West Texas Intermediate futures fell 4.38 percent to USD86.85.
The steep weekly decline was the steepest since the COVID-19 pandemic began. Trump expressed low likelihood of ordering attacks on Iran as long as peace talks advanced. Despite reported shipping incidents near the Strait of Hormuz, both countries maintained that hostilities were not slowing. Trump's predecessor had hinted at resuming attacks on Iran, but no large-scale military operation materialized.
Iran's state media reported no plans to negotiate unless Washington fulfilled seven conditions from a June interim agreement. Saudi Arabia and Oman emphasized continued diplomatic efforts to ease the crisis and protect maritime security. Last week, Trump met with Qatar's prime minister, though officials doubted an imminent deal.
Iraq allowed oil exports through the Strait of Hormuz, alleviating some tensions. A fire in Saudi Arabia's East-West pipeline caused no damage, while Saudi-led coalition destroyed Houthi missile production facilities. An attack on Aramco's Riyadh office resulted in debris damaging windows. Russian and Ukrainian intentions to end Moscow's war against Ukraine in good faith were reported in US-brokered talks.
US crude oil and product inventories fell, indicating excess supply. OPEC output rose in October, led by Saudi Arabia, Kuwait, and Iraq.
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