Oil Holds Steady After Recent Losses
(RTTNews) - Oil prices held steady on Wednesday after recent string of losses on hopes for progress in U.S.-Iran talks.
Brent crude futures were up 0.3 percent at $99.55 a barrel after falling for five straight sessions.
WTI crude futures slipped half a percent to $90.11 a barrel on growing hopes for a diplomatic resolution to end the ongoing conflict in West Asia.
Helping ease concerns over a prolonged conflict, media reports suggested that Iran is ready to reopen the Strait of Hormuz within seven days if the United States eases military pressure and lifts its blockade on Iranian ports.
U.S. President Donald Trump reported a productive three-hour meeting between his team and an Iranian delegation in New York, adding they would have another one scheduled in the near future.
Trump said that a deal with Iran may be possible after the midterm elections, but he may instead just decide to "annihilate the Islamic Republic" if no deal is reached.
Meanwhile, Saudi Arabia has restarted its East-West oil pipeline and may have resumed exports from the Red Sea port of Yanbu following drone attacks on September 11, according to Reuters sources.
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