SINGAPORE: Crude oil prices fell in global markets as expectations of renewed diplomatic engagement over the Iran war this week, coupled with a partial recovery in oil supplies from Saudi Arabia, put downward pressure on prices.
On Monday, Brent crude and US West Texas Intermediate (WTI) futures fell to their lowest levels since September 10.
By 7:00am Pakistan Standard Time, Brent crude had declined by $2.16, or 2.08%, to $101.71 per barrel. The benchmark had already fallen 0.91% in the previous trading session.
Meanwhile, US WTI crude dropped $2.15, or 2.14%, to $98.15 per barrel, following a 1.58% decline in the previous session.
The decline pushed WTI below the key psychological level of $100 per barrel amid easing concerns over the possibility of diplomatic developments in the Iran conflict.
A Singapore-based broker said some investors had shifted their positions from October oil contracts to November contracts a day before the October contracts were due to expire, a move that also influenced market price movements.
