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The Economic Times
The Economic Times
Business

Oil falls on increased Gulf supply and hopes for US-Iran talks

United States Oil Iran Gulf Saudi Arabia Donald Trump New York Red Sea

Oil prices drifted lower on Wednesday as Saudi Arabia began restoring crude supply on a critical pipeline to the Red Sea and on hopes for a diplomatic solution to the US-Iran war through talks at the UN in New York.

Brent crude futures fell 7 cents, or 0.07%, to $99.18 a barrel as of 0119 GMT while West Texas Intermediate futures fell 35 cents, or 0.39%, to $90.17 per barrel.

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