Oil prices fell about 1% on Tuesday, with Brent settling at $103.60 a barrel and U.S. WTI at $96.09, as markets weighed peace talks against risks to supplies. Analysts estimated U.S. crude stocks rose 0.9 million barrels in the week ended October 30.
Brent fell $1.17, or 1%, to settle at $103.60 a barrel, its lowest close since October 7. U.S. West Texas Intermediate fell 37 cents to $96.09, its lowest since October 14.
Markets weighed efforts to end the wars in Ukraine and Iran against the risk that attacks could disrupt supplies. Russia confirmed it would hold three-way peace talks with Ukraine and the U.S. in Abu Dhabi on November 10 and 11. Qatar said Washington and Tehran were reviewing proposals to bridge their differences, while an Iranian official said the two sides remained far from a deal.
Analysts estimated energy firms added 0.9 million barrels of crude to U.S. storage in the week ended October 30. If correct, it would be the first increase in five weeks. The market awaited weekly storage reports from the American Petroleum Institute and the U.S. Energy Information Administration.
