Oil gains after Trump denies he is willing to ease sanctions on Iran
USO•Oil prices rose after Trump denied he was reportedly willing to ease sanctions on Iran. Brent’s November contract gained 0.69% to $103.30 a barrel, while WTI rose 0.48% to $89.81.
1. Oil prices rise
Brent’s November contract rose 71 cents to $103.30 a barrel, while the more active December contract gained 35 cents to $96.51. WTI rose 43 cents to $89.81. Brent was on track for a roughly 14% monthly gain, while WTI was headed for a 4% rise.
2. Sanctions and supply
Trump denied he was willing to ease sanctions on Iran and release frozen Iranian funds in return for steps by Tehran on its nuclear programme. Qatar said it hoped shuttle diplomacy between Iran and the United States could lead to a breakthrough. Middle East crude exports rebounded to 16.328 million barrels per day in September, their highest since the conflict began in late February.
