Oil prices rebounded from session lows and closed almost flat on Monday, as markets weighed Saudi Arabia’s warning that OPEC+ could cut output against the possibility of a nuclear deal that could return to sanctioned Iranian oil market.
October Brent crude futures closed at $96.48 a barrel, down $0.24, or 0.25%. It had dropped as much as 4.5% earlier in the day, breaking a three-day streak of gains.
U.S. WTI crude for September delivery, which expired on Monday, dropped $0.54, or 0.6%, at $90.23 a barrel. The most active October contract fell 4 cents, or 0.03%, to $90.41.
Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC+ has the commitment, flexibility and means to deal with challenges and provide guidance, including cutting production at any time and in different ways, the news agency reported. state SPA.
Meanwhile, the leaders of the United States, Britain, France and Germany discussed efforts to revive the 2015 Iran nuclear deal, the White House said on Sunday, which could allow sanctioned Iranian oil to return to global markets. .
The US State Department said a nuclear deal is closer now than it was two weeks ago.
Earlier in the session, concerns that aggressive interest rate hikes in the US could lead to a global economic slowdown and, consequently, fuel demand pushed prices down.
Source: CNN Brasil
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