Oil prices fall on Monday

Oil prices fell to their lowest level in more than a week on Monday as investors eyed potential diplomatic progress in the US-Iran war and a partial recovery in Saudi oil shipments.

Brent crude fell $1.78, or 1.71 per cent, to $102.09 a barrel by 0655 GMT, while US West Texas Intermediate (WTI) dropped $1.97, or 1.96 per cent, to $98.33. Both benchmarks touched their lowest levels since September 10.

The decline came as investors hoped for diplomatic efforts at this week’s UN meeting, although tensions remained elevated after Iran and the US exchanged new threats and Yemen’s Houthis continued attacks on Saudi targets.

Saudi oil flows through the Strait of Hormuz have also increased, averaging 2.9 million barrels per day over the past six days, up from 700,000 bpd in August, according to JPMorgan analysts.

Attribution: Reuters