Investing.com - Oil prices fell slightly in early Asian trade on
Tuesday on easing geopolitical concerns as Western and Iranian
diplomats look to make progress this week in efforts to end a
nuclear impasse and resume the flow of Iranian crude into global
On the New York Mercantile Exchange, light sweet crude futures for
delivery in January traded at USD93.64 a barrel, down 0.05%, and in
a range of USD93.55 - USD93.69.
Later this week in Geneva, talks among the U.S., Russia, China,
Britain, Germany, France and Iran will open with hopes building
that progress will be made to dismantle Tehran's nuclear program.
A deal would resume the flow of Iranian crude into global markets
and lower prices, as trade sanctions slapped on Iran due to its
alleged nuclear ambitions have taken out more than 1 million
barrels per day of oil from the global market.
Meanwhile, in supply news, Saudi Arabia's Joint Organizations Data
Initiative said the country produced approximately 10.12 million
barrels of oil a day and shipped 7.84 million barrels in September,
healthy figures that also pressured prices lower.
Elsewhere, the U.S. Energy Information Administration reported
Thursday that crude oil inventories last week rose by 2.6 million
barrels, far more than the 994,000 barrels predicted by analysts,
which also pushed oil prices lower.
Brent crude for January delivery on ICE Futures Europe also sank
further, declining 0.5%, to USD107.90 a barrel.
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