London, Sept. 22 (SANA) Oil prices rose on Tuesday, recovering after several days of losses as investors awaited possible talks between the United States and Iran on the sidelines of the U.N. General Assembly meetings in New York this week.
Brent crude futures for November delivery rose 22 cents, or 0.22 percent, to $100.57 a barrel, Reuters reported.
U.S. West Texas Intermediate crude futures for October delivery, which expire on Tuesday, gained 2 cents, or 0.02 percent, to $95.80 a barrel.
The gains followed a sharp decline on Monday, when both global benchmarks settled at their lowest levels in 12 days amid investor hopes that diplomatic efforts could make progress toward ending the war.
Brent crude for November delivery fell $3.53, or 3.4 percent, on Monday to settle at $100.34 a barrel. WTI crude for October delivery dropped $4.52, or 4.51 percent, to $95.78 a barrel, while the more actively traded November contract settled at $92.47.
Both benchmarks had fallen to their lowest levels since Sept. 9.
Markets are closely watching developments surrounding possible U.S.-Iran talks during this week’s U.N. meetings and whether diplomatic efforts could produce steps toward ending the war.
The decline in oil prices on Monday came as U.S. energy data showed crude inventories in the country’s Strategic Petroleum Reserve fell to 284.6 million barrels last week, their lowest level since October 1982.
R.D/ABD
