Oil Prices Rebound Ahead of US-Iran Talks

Oil prices rebounded on Tuesday after dropping for five consecutive sessions as investors looked to potential US-Iran talks at the United Nations General Assembly. The Brent crude futures November contract rose $1.14, or 1.1%, to $101.48 a barrel, while the WTI October contract climbed 87 cents, or 0.9%, to $96.65 a barrel.

The more actively traded November WTI contract was up 85 cents, or 0.9%, at $93.22 a barrel. The diplomatic efforts between the US and Iran have been gaining attention after Tehran conveyed its conditions to mediators for re-engaging in negotiations over the weekend.

Tim Waterer, chief market analyst at KCM Trade, stated that oil prices are likely to remain range-bound and sensitive to headlines until there is clear progress or a setback in diplomatic efforts between the two nations. The Middle East tensions have been elevated after Yemen's Houthis said they attacked Riyadh and a Saudi Aramco facility.