US oil settles near $103; market eyes Iran's olive branch

Reuters with
Nestor Galina | Wikipedia

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.

Commodities Tomorrow: Eyeing UN General Assembly

Brent crude for November delivery rose 20 cents to trade under $108 per barrel, after settling at its lowest close in four sessions on Monday.

November U.S. crude settled down 46 cents at $103.13, down for a fourth consecutive session.

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