Oil fell on Friday as Middle East supply concerns eased after President Donald Trump said the US would not attack Iran before midterm elections next month and talked of "productive" talks to
Oil fell on Friday as Middle East supply concerns eased after President Donald Trump said the US would not attack Iran before midterm elections next month and talked of "productive" talks to end their war that has disrupted global energy markets.
Plans by China, the world's top oil importer, to resume refined fuel exports after a brief halt during its Golden Week holiday, also weighed on the market. Reuters reported the development on Friday, citing sources.
Brent crude futures dropped $1.10, or 1.1%, to $103.18 a barrel by 1328 GMT. US West Texas Intermediate (WTI) crude futures fell 49 cents or 0.5% to $91.00.
On a weekly basis, Brent prices are set to rise after settling 4% higher on Thursday, while WTI is set for a slight decline.
Trump's Iran pledge along with China's resumption of product exports were moving prices lower, said PVM Oil Associates analyst Tamas Varga.
Prices have been volatile this week as threats to shipping in the Gulf and the Strait of Hormuz, which carried shipments equal to about 20% of global oil and fuel before the war, have increased in October.
On Thursday, Trump said Washington was having "productive discussions" with Iran and said no
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