Oil Prices Slip as US-Iran Talks and Saudi Pipeline Restart Pressure Market
Oil prices fell to $98. 30 a barrel for Brent and $89. 49 for U. S. WTI as markets reacted to diplomatic talks between the United States and Iran and the partial reopening of Saudi Arabia's east-west pipeline, according to OilPrice. com. Earlier in the week, Brent and WTI had slipped to their lowest levels since early September as investors weighed possible Iranian concessions and the anticipated restart of the Saudi pipeline; Reuters reported an 11-day low and NBC noted a two-week low.
CNBC said Brent edged slightly higher while U. S. crude fell after a three-hour meeting between U. S. and Iranian delegations and mixed signals from President Donald Trump. Analysts cited by Yahoo and HuffPost observed that China’s large strategic petroleum reserve and reduced crude imports limited price gains after the United States launched its campaign against Iran.