Oil price dips to $100 on hopes of US-Iran diplomacy, partial recovery in Saudi exports
XLE•Libya output also seen lower
Meanwhile, Libya's National Oil Corp Chairman Massoud Suleman told Reuters on Monday that the country's Sharara oilfield has seen a partial reduction in production, without giving a reason.
Oil prices fall to 12-day low
Oil prices eased on Monday to their lowest level in 12 days, as investors hoped for diplomatic progress on the Iran war due to this week's United Nations meeting and eyed a partial recovery in shipments from Saudi Arabia.
The Brent crude futures LCOc1 November contract settled at $100.34 a barrel, down $3.53, or 3.4%. The WTI CLc1 October contract that is expiring on Tuesday fell $4.52, or 4.51%, to $95.78 a barrel. The November contract CLc2 stood at $92.47.
Both benchmarks fell to their lowest since September 9.
