Oil Moves Sideways Amid US-Iran Talks and Supply Uncertainty
Oil prices moved sideways in Asian trade as markets assessed the outcomes of US-Iran peace talks and the outlook for crude oil exports from the Middle East.
Oil prices moved sideways in Asian trade on Thursday as markets assessed the outcomes of peace talks between the US and Iran and the outlook for crude oil exports from the Middle East.
General Market Outlook
Oil prices moved sideways in Asian trade on Thursday as markets assessed the outcomes of US-Iran peace talks and the outlook for crude oil exports from the Middle East.
Brent and WTI Price Movements
Brent futures rose 0.1% to $98.15 a barrel, while US crude (WTI) traded 0.1% lower at $90.35, with both benchmarks having gained about $1 on Wednesday.
Monthly Performance and Changes
Brent gained about 14% in September, recording its strongest monthly rise since July, while WTI managed to finish the month with an increase of around 5%.
Analysts' Market Assessments
Fujitomi Securities analyst Toshitaka Tazawa stated that the deadlock in peace talks supported supply concerns, while signs of a recovery in Middle Eastern oil exports created selling pressure.
Export and Port Developments
Toshitaka Tazawa noted that Saudi Arabia's resumption of oil exports from its Red Sea port of Yanbu stood out as an important factor in the markets.