World oil prices fell by more than 1% on November 2 amid ongoing negotiations on ending the war waged by the United States and Israel against Iran. U.S. WTI crude fell to $102.56 per barrel, while Brent fell to $111.84. Reuters reports, UNN writes.
Details
As of 00:11 GMT, Brent futures had fallen by $1.59, or 1.40%. The price of WTI declined by $1.56, or 1.50%.
The decline came after representatives of Iran and Qatar held negotiations for the third consecutive day on a possible cessation of hostilities. At the same time, Brent ended October at its highest level in six months amid fears of a new escalation of the conflict.
What analysts forecast
KCM Trade Chief Market Analyst Tim Waterer explained the decline in oil prices by hopes for diplomatic progress and the absence of significant military escalation over the weekend.
At the same time, he did not rule out that tensions surrounding Iran could rise again after the U.S. midterm elections, and Brent could climb to $120 per barrel.
Iranian Foreign Minister Abbas Araghchi said that negotiations mediated by Qatar were moving forward. According to him, Tehran is ready both for a diplomatic settlement and for defense.