Oil Prices Rebound on Renewed US-Iran Diplomatic Hopes
Oil prices rose for the first time in five sessions on Tuesday as investors assessed the possibility of renewed talks between the United States and Iran.
The rebound followed four consecutive sessions of losses, with Brent crude futures for November rising USD 1.14, or 1.1 per cent, to USD 101.48 per barrel at 0317 GMT.
West Texas Intermediate crude for October gained 87 cents, or 0.9 per cent, to USD 96.65 per barrel, while the more actively traded November WTI contract was up 85 cents, or 0.9 per cent, at USD 93.22 per barrel.
The potential diplomatic engagement between Washington and Tehran during the United Nations General Assembly in New York this week has shifted investors' attention.
US President Donald Trump has said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to be in New York for the UN meeting.