Oil prices drop, WTI crude falls over 3%
Oil drilling rigs
Oil prices erased early gains today, Sept. 22, and turned lower after a report indicated that Iran might reopen the Strait of Hormuz if the US lifted its blockade on Iranian ports, boosting hopes of easing supply disruptions.
The Japanese news agency Kyodo reported that Iran proposed reopening the strait within seven days of the US lifting the blockade.
The agency added that the proposal aims to break the ongoing stalemate in the conflict, and that it will form the basis for discussions with countries mediating between the two sides during the United Nations General Assembly meetings.
The US crude oil inventory report from the American Petroleum Institute is expected later today, before the official data from the US Energy Information Administration is released tomorrow.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (November delivery) |
97.86 |
(2.48) |
(2.47%) |
|
WTI (October delivery) |
92.78 |
(3.00) |
(3.13%) |
*At 01:01 pm Makkah time
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