CRUDE WRAP: WTI (Z6) SETTLES USD 7.66 LOWER AT 96.46/BBL; BRENT (F7) SETTLES USD 8.66 LOWER AT 104.77/BBL
ORIGINAL · NewsquawkCRUDE WRAP: WTI (Z6) SETTLES USD 7.66 LOWER AT 96.46/BBL; BRENT (F7) SETTLES USD 8.66 LOWER AT 104.77/BBLRead originalHide original
The crude complex saw notable weakness amid hopes for diplomacy between the US and Iran, ahead of the midterms on Tuesday. Over the weekend, Iranian negotiators held talks with Qatari mediators in Doha, and Axios reported that US President Trump favours giving diplomacy with Iran more time before considering renewed strikes. Continuing to add to the downside on Monday was an ISNA report that Iranian President Pezeshkian said the Supreme Leader has granted the government some authority on dialogue. Further adding to the constructive picture, Al Jadeed reported, citing a diplomatic source, that a breakthrough in US-Iranian negotiations had been achieved after Qatari mediation overcame procedural obstacles. Benchmarks fell to lows after ILNA later reported, citing Al Shanara, that Tehran and Washington are on the verge of a preliminary agreement. However, Fars, citing sources, said that the exchange of messages between Iran and the US through intermediaries is a common thing and no new developments have occurred in this regard. Looking ahead, focus will be on further Middle East updates, but also the midterms, with numerous reports in recent weeks suggesting that any renewed strikes on Iran could come after the vote. For the record, WTI traded between USD 95.15/bbl and USD 102.75/bbl, while Brent hit a low of USD 103.28/bbl vs. a high of USD 112.41/bbl.
WTI and Brent settled lower as reports described US-Iran diplomatic activity, but accounts differed on whether negotiations had achieved a breakthrough; the article also highlighted the approaching midterms.
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The crude complex saw notable weakness amid hopes for diplomacy between the US and Iran, ahead of the midterms on Tuesday. Over the weekend, Iranian negotiators held talks with Qatari mediators in Doha, and Axios reported that US President Trump favours giving diplomacy with Iran more time before considering renewed strikes. Continuing to add to the downside on Monday was an ISNA report that Iranian President Pezeshkian said the Supreme Leader has granted the government some authority on dialogue. Further adding to the constructive picture, Al Jadeed reported, citing a diplomatic source, that a breakthrough in US-Iranian negotiations had been achieved after Qatari mediation overcame procedural obstacles. Benchmarks fell to lows after ILNA later reported, citing Al Shanara, that Tehran and Washington are on the verge of a preliminary agreement. However, Fars, citing sources, said that the exchange of messages between Iran and the US through intermediaries is a common thing and no new developments have occurred in this regard. Looking ahead, focus will be on further Middle East updates, but also the midterms, with numerous reports in recent weeks suggesting that any renewed strikes on Iran could come after the vote. For the record, WTI traded between USD 95.15/bbl and USD 102.75/bbl, while Brent hit a low of USD 103.28/bbl vs. a high of USD 112.41/bbl.
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