Oil falls for fifth straight session as U.S.-Iran talks ease supply fears

Crude oil prices fell for a fifth consecutive day on Tuesday, as signs emerged that worries about supply were easing. Mettis Global data put Brent futures at $102.27 per barrel and West Texas Intermediate at $91.48. U.S. President Donald Trump described a three-hour meeting between American and Iranian representatives held in New York during the UN General Assembly as very good. He also said Washington faces a major decision between a negotiated deal with Iran and military action.

Saudi Arabia has begun preparing to restart its East-West pipeline, which was hit by a drone fired from Iraq on September 10. According to the report, the line had been running at reduced levels, yet exports could restart via Yanbu on the Red Sea, with authorities aiming for wider flows by Saturday. Separately, the Ras Tanura terminal logged its busiest loading since the conflict began on February 28, Kpler maritime data showed.

On Monday, six supertankers took almost 12 million barrels of crude from Ras Tanura and Juaymah, a sign that Saudi eastern-coast shipments stayed strong despite strains elsewhere. Taken together, renewed U.S.-Iran contacts, expected extra Saudi export capacity and stronger loadings have reduced concern about a prolonged squeeze in world oil supply.