Oil Prices Drop for Sixth Day as U.S., Iran Meeting Fails to Boost Markets

U.S. stock futures ticked higher on Wednesday, hovering near record highs, while oil prices declined for the sixth consecutive day following a meeting between U.S. and Iranian officials at the UN General Assembly in New York.

Brent crude dipped 0.3% to $98.99 per barrel, remaining elevated compared to pre-war levels but still about $30 more than at this point last year.

ING commodities strategists Ewa Manthey and Warren Patterson attributed the oil price easing to reports that Saudi Arabia was working to restore its east-west pipeline, which was disabled in an attack, as well as U.S. President Donald Trump's mention of communication with Iran during his UN speech.