Oil prices slid Nov. 2 amid hopes of progress in indirect talks between the United States and Iran. Al Jazeera, citing Reuters, reported Brent crude futures at $109.75 a barrel by 04:07 GMT, down $3.68, or 3.2%. U.S. West Texas Intermediate crude stood at $100.69, down $3.43, or 3.3%.
The slide deepened in a later reading. Drop Site News reported Brent futures down 7.66% at $104.74 around 3 p.m. ET. That was an afternoon price, not a reported closing price.
Tim Waterer, chief market analyst at KCM Trade, told Reuters that hopes for diplomatic progress and the absence of meaningful military escalation over the weekend had eased some immediate pressure on prices, according to Al Jazeera’s account. He also described the move as a technical pullback after the previous week’s gains.
President Donald Trump said Iran wanted a deal to end the war and that an agreement “could happen,” Al Jazeera reported. The outlet said he did not elaborate on the status of the indirect talks. A transcribed Trump saying a deal “looks like that's coming together very nicely” and “that's why I guess the oil prices dropped so precipitously.” That was Trump’s explanation for the price move, not an announcement of an agreement.
