Oil prices fell about 1% to their lowest in two weeks on Thursday after Iran said talks with world powers on its nuclear programme would resume by the end of November and on rising U.S. crude inventories.
Brent crude settled 26 cents, or 0.31%, lower at $84.32 per barrel, having hit a two-week low of $82.32 earlier in the session and falling 2.1% on Wednesday.
U.S. West Texas Intermediate (WTI) crude settled 15 cents, or 0.18%, higher at $82.81 per barrel, having earlier touched a two-week low of $80.58. The benchmark dropped 2.4% on Wednesday after weekly data showed U.S. crude stockpiles grew more than expected.
Iran’s top nuclear negotiator Ali Bagheri Kani on Wednesday said the country’s talks with six world powers to try to revive a 2015 nuclear deal will resume by the end of November.
A deal could pave the way to lifting harsh sanctions imposed by former U.S. President Donald Trump on Iran’s oil exports in late 2018.
Reference: CNBC
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