BAKU, Azerbaijan, September 21. Oil prices fell to their lowest level in 11 days as investors looked for signs of diplomatic progress in the US-Iran conflict during this week’s United Nations General Assembly in New York.
Brent crude futures and US West Texas Intermediate (WTI) crude prices touched their lowest levels since September 10. The November Brent contract stood at $101.75 a barrel at 08:59 GMT, down $2.12, or 2 percent.
The October WTI contract, which expires on Tuesday, fell $1.96, or 2 percent, to $98.34 a barrel. The November WTI contract was trading at $94.16.
Iran and the United States exchanged new threats on Sunday, although US President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to travel to New York.
Tim Waterer, chief market analyst at KCM Trade, said some of the risk premium appeared to be coming out of oil prices amid hopes that diplomatic efforts could help de-escalate the US-Iran conflict this week.
Iran has also conveyed conditions for resuming negotiations to mediators, according to Iranian security chief Mohsen Rezaei.
