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Oil drops 1% as possible US-Iran meeting raises oversupply concerns


Tuesday, 27 August 2019 02:14 WIB

Minyak WTIMinyak MentahMinyak Brent


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Oil prices edged lower on Monday on the outlook for increased supply of Iranian crude after France's president lifted hopes for a deal between Washington and Tehran, but losses were limited by growing hopes that the United States and China could make a deal to end their trade war.

Brent crude fell 54 cents to $58.80 a barrel, after earlier hitting a session high of $60.17. U.S. West Texas Intermediate (WTI) crude futures fell 53 cents, or 1%, to settle at $53.64 a barrel, after reaching $55.26 a barrel.

Prices fell after French President Emmanuel Macron said preparations were underway for a meeting between Iranian President Hassan Rouhani and U.S. President Donald Trump in the coming weeks to find a solution to a nuclear standoff.

Source : Reuters


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