Brent Prices Dip Slightly After Significant Gains
Oil prices are experiencing a slight decline on Friday morning after significant gains in the previous session. According to Interfax, October futures for Brent crude on the London-based ICE Futures exchange are trading at $89.37 per barrel, down by $0.33 (0.37%) from the close of the previous day.
On Thursday, Brent prices rose by $1.86 (2.1%) to $89.7 per barrel, but have since edged down slightly. October WTI crude futures on electronic trading at the New York Mercantile Exchange (NYMEX) fell by $0.25 (0.3%) to $83.28 per barrel.
The price increase in oil on Thursday was partly driven by a statement from White House Spokesperson Karoline Leavitt that the US is not conducting any negotiations with Iran and intends to continue applying economic pressure until President Donald Trump feels Tehran is ready for constructive dialogue.