Oil: Brent falls to lowest since March on expected peace deal
Brent futures settle at US$87.33 a barrel
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[HOUSTON] Brent crude prices fell to their lowest levels since early March as traders grew more confident about an imminent peace agreement between the US and Iran.
Brent futures settled at US$87.33 a barrel, down US$3.05, or 3.4 per cent.
US West Texas Intermediate (WTI) crude finished at US$84.88, down US$2.83, or 3.2 per cent. That was WTI’s lowest level since Apr 17.
“What’s got the market going down is the Iranians saying there is a memorandum of understanding (with the US),” said John Kilduff, partner with Again Capital.
A memorandum between the US and Iran to halt the war in the Gulf could be signed as soon as Sunday (Jun 14), a Western source told Reuters on Friday, with Geneva emerging as the likeliest venue.
Iranian Foreign Minister Abbas Araqchi said on Friday that a memorandum of understanding had not yet been signed and could still change.
US President Donald Trump called off threatened air strikes against Iran on Thursday, while Iran’s Mehr news agency reported that final negotiations on the memorandum would focus on nuclear and economic issues but would exclude discussions about Iran’s missile programme. REUTERS
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