Economy
Oil Prices Hit One-Week Low Amid UN Diplomacy Hopes
Oil prices fell to their lowest in over a week on Monday, as markets reacted to expectations that this week’s UN meetings could open diplomatic channels in the U.S.-Iran conflict.
Crude oil prices declined to their weakest level in more than seven days on Monday, driven by market anticipation that United Nations meetings scheduled for this week may create space for diplomatic engagement in the ongoing conflict between the United States and Iran.
By 11:05 a.m. Moscow time, October futures for U.S. benchmark West Texas Intermediate (WTI) crude dropped 2.10 percent to $98.19 per barrel.
November futures for global benchmark Brent crude fell 2.01 percent to $101.78 per barrel, following a 0.91 percent decline in Friday’s closing session.
Market analyst assesses risk premium adjustment
Tim Waterer, market analyst at KCM Trade, stated: “Some of the risk premium appears to be being removed from oil prices amid hopes that a diplomatic path toward de-escalation in the U.S.-Iran conflict will emerge this week.”
He added: “Whether those hopes materialize remains another question — time will tell.”
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