Photo: Walter Siegmund, Wikimedia Commons, CC BY 2.5.
U.S. crude tumbled nearly 4 percent overnight, trading at $100.14 a barrel as of about 3:30 a.m. Eastern on Monday, November 2, as Washington and Tehran both pointed to active negotiations over the weekend, according to CME Group prices.
The December contract fell $3.98, or 3.8 percent, from Friday’s official settlement of $104.12 and touched a session low of $100.11, with both the latest price and the low time-stamped at about 3:30 a.m. Eastern. Friday’s settlement is the benchmark fixed during the afternoon session; in electronic trading after it was fixed, the contract had already slipped to $102.95 before the weekend break, CME data show.
The slide came even as a vessel was struck by an unknown projectile in the Strait of Hormuz on Sunday, and after OPEC+ producers met Sunday and held their December output steady.
President Trump said Sunday that the conflict would end “very soon,” through a deal or further action, while Iran said Qatar-mediated talks were advancing, though no final agreement has been reached.
JBizNews Desk | New York
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