Oil hits 12-day low on peace talks hopes

Oil prices slipped on Monday to their lowest level in 12 days, according to The Express Tribune, as traders pinned hopes on diplomacy over the Iran war ahead of this week's UN gathering. Market participants were also watching for a partial resumption of crude shipments out of Saudi Arabia.

Brent November futures fell to $99.51 a barrel by 1716 GMT, their weakest since September 9, after dropping $4.36 or 4.2 per cent. The WTI October contract, which expires on Tuesday, lost $5.30 or 5.28 per cent to trade at $95 a barrel, while the November WTI contract stood at $91.68.

Fresh threats were traded between Iran and the US on Sunday, yet Donald Trump signalled he was willing to meet Iranian President Masoud Pezeshkian, who is due in New York for the UN General Assembly this week.