Saudi Pipeline Restart, US-Iran Talks Boost Oil Price Optimism
Oil prices declined on Wednesday as Saudi Arabia resumed crude supply through its East-West Pipeline to the Red Sea and optimism grew for a diplomatic solution to the US-Iran conflict.
Brent crude futures fell $0.07, or 0.07%, to $99.18 a barrel, while West Texas Intermediate futures dropped $0.39, or 0.39%, to $90.17 per barrel.
US President Donald Trump's envoys held productive talks with Iranian mediators at the UN in New York, and Trump expressed optimism about the possibility of a deal, saying 'I think there's a lot of momentum for them to make a deal.'
The market is feeling more constructive about global oil supply, according to Tim Waterer, chief analyst at KCM Trade, who attributed the shift to the meeting of US and Iranian delegations in New York.