US oil settles near $103; market eyes Iran's olive branch
Crude traded mixed on Tuesday, with U.S. oil bearing the brunt of a weak market as geopolitical tension eased and further evidence emerged of rising oil supplies from Libya and Iraq.
U.S. President Barack Obama told the U.N. General Assembly on Tuesday that there should be a basis for an agreement on Iran's nuclear ambitions. Iran's Foreign Ministry hailed a Thursday meeting on the country's nuclear program as the beginning of a "new era."
Brent peaked above $117 a barrel in August on fears the war in Syria would spiral out of control and hit Middle East oil output, but it has slowly unwound over $9 of risk premium as the chances of U.S. military intervention and a wider conflict have receded.