Oil prices slide about 2% to multi-week low as peace talks continue
USO•Oil prices fell about 2% to a three-week low as markets weighed peace talks against supply-disruption risks. Brent fell $1.63 to $103.14 a barrel, while WTI lost 67 cents to $95.79.
1. Prices fall
Brent futures fell $1.63, or 2%, to $103.14 a barrel, while US West Texas Intermediate crude fell 67 cents, or 1%, to $95.79. Brent was on track for its lowest close since October 7, and WTI for its lowest since October 14.
2. Peace talks and supply risks
Markets weighed talks to end the wars in Ukraine and Iran against worries about supply disruptions from attacks in both conflicts. Russia will hold three-way peace talks with Ukraine and the United States in Abu Dhabi on November 10-11. Qatar said Washington and Tehran were reviewing proposals to bridge differences, while a senior Iranian official said the countries remained far from a deal.
3. US stockpiles watched
Analysts estimated US crude stockpiles rose by 2 million barrels in the week ended October 30. If correct, that would be the first increase in five weeks; the market was awaiting weekly storage reports from the American Petroleum Institute and the US Energy Information Administration.
