Oil slips to two-week low as U.S. and Iran seen moving closer to deal - BNN Bloomberg
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Article Excerpt
LONDON — Oil prices fell nearly 7 per cent on Monday as optimism grew that the United States and Iran were moving closer to a peace deal that would reopen the Strait of Hormuz, even though Washington and Tehran played down hopes for an imminent breakthrough.
Brent crude futures LCOc1 were down US$7.24, or almost 7 per cent, at US$96.30 a barrel at 2:29 p.m. ET (1843 GMT) and U.S. West Texas Intermediate CLc1 futures were down US$6.30, or 6.5 per cent, at US$90.88.
Trading volumes were light due to the U.S. Memorial Day holiday.
Iran’s top negotiator and its foreign minister were in Doha for…
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