Oil prices fall as Iran-Qatar diplomatic talks progress
Brent crude and US West Texas Intermediate prices declined on Monday amid hopes for a diplomatic resolution to the US-Iran conflict.
Global crude oil prices fell on Monday as Iranian and Qatari officials held their third consecutive day of talks aimed at reaching a deal to end the US-Israeli war on Iran, according to reports from Moneycontrol, Times of India and Financial Express.
Brent crude futures fell 6.07 per cent to $106.54 a barrel, while US West Texas Intermediate (WTI) crude declined 6.2 per cent to $97.65 a barrel, Financial Express reported.
The decline follows a period where prices reached a six-month high at the end of October due to concerns that the conflict could escalate after the US midterm elections.
US Secretary of State Marco Rubio stated over the weekend that President Donald Trump preferred a peaceful solution rather than military action, according to Financial Express.
Tim Waterer, chief market analyst at KCM Trade, said the market is seeing a technical pullback after last week's strong gains, noting that hopes for diplomatic progress have reduced immediate price pressure.
Iranian Foreign Minister Abbas Araqchi said on Sunday that the ongoing discussions with Qatari mediators are progressing and that Tehran is prepared for both defence and diplomacy.
