Oil falls as Trump comments on Iran talks ease supply fears
USO•Oil prices fell on Friday after Donald Trump said the U.S. would not attack Iran before next month's midterm elections and described talks as “productive.” Brent fell 0.50% to $103.76 a barrel, while U.S. crude declined 0.2% to $91.28.
1. Oil prices decline
Brent crude futures fell 52 cents, or 0.50%, to $103.76 a barrel, while U.S. West Texas Intermediate crude futures dropped 22 cents, or 0.2%, to $91.28. Both benchmarks were set for weekly gains.
2. Supply concerns ease
Trump said the U.S. would not attack Iran before the November 3 midterm elections and described talks to end the war as “productive.” Plans by China to resume refined fuel exports after a brief pause during its Golden Week holiday also weighed on prices, the article said, citing sources.
3. Disruptions persist
Prices have been volatile amid threats to shipping in the Gulf and Strait of Hormuz, which carried about 20% of global oil and fuel shipments before the war. Separately, producers had shut in about 1.3 million barrels per day, or 62.9%, of current Gulf of Mexico oil production as of Thursday because of Hurricane Isaias.
