Oil prices rose on Tuesday after declining for several days, with November Brent crude futures up $1.12, or 1.12%, at $101.46 a barrel by 04:08 GMT, as markets awaited potential talks between the United States and Iran on the sidelines of this week’s United Nations General Assembly meetings.
Brent posts first gain in 5 sessions
Brent crude posted its first gain in 5 sessions, while October West Texas Intermediate crude futures, which expire on Tuesday, rose 0.77 cents, or 0.80%, to $96.55 a barrel.
Markets await US-Iran developments
Iran and the United States exchanged threats on Sunday, but US President Donald Trump said he was open to meeting his Iranian counterpart, Masoud Pezeshkian, who is expected to be in New York this week to attend the United Nations General Assembly meetings.
Tim Waterer, chief market analyst at KCM Trade, said the rise in West Texas Intermediate and Brent’s strong opening appeared to be a traditional rebound driven by short covering after the recent decline, rather than a shift in the market’s underlying fundamentals.
