- Crude oil futures fell Tuesday, pausing a significant two-week rally as traders weighed reports of a meeting between Iran's president and Pakistan's army chief.
- Reports indicate the U.S. and Iran have preliminarily accepted a proposal from Qatar and Pakistan, driving the decline in crude prices.
- Continued Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Persian Gulf limited the decline.
- WTI traded down $2.75 per barrel, or 2.63%, to $101.79 and was up roughly $6 per barrel from the prior week.
- Brent crude traded down 0.54% at $108.96 and was up $3 per barrel from the prior week.
- API data showed U.S. crude inventories fell 4.93 million barrels in the week ending October 16, after an 11.12 million barrel draw the week prior.
Quotes
“Reports indicate that the U.S. and Iran have preliminarily accepted a proposal from Qatar and Pakistan.”
“The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 4.93 million barrels in the week ending October 16.”