Oil Prices Rebound on US-Iran Diplomatic Hopes
Oil prices rebounded on Tuesday after a five-session decline as investors await developments on potential US-Iran talks at the United Nations General Assembly this week. The Brent crude futures November contract rose $1.14, or 1.1%, to $101.48 a barrel.
The WTI October contract climbed 87 cents, or 0.9%, to $96.65 a barrel, while the more actively traded November contract was up 85 cents, or 0.9%, at $93.22 a barrel.
US President Donald Trump has expressed willingness to meet with Iranian President Masoud Pezeshkian, who is expected in New York this week for the UN meeting.
Tim Waterer, chief market analyst at KCM Trade, said that oil prices were likely to remain range-bound and sensitive to headlines until there was either clear progress or a setback in diplomatic efforts between the US and Iran.