Oil hits 12-day low on peace talks hopes

NEW YORK:

Oil prices eased on Monday to their lowest level in 12 days, as investors hoped for diplomatic progress on the Iran war due to this week's United Nations meeting and eyed a partial recovery in shipments from Saudi Arabia.

The Brent crude futures November contract fell to its lowest since September 9 at $99.51 a barrel at 1716 GMT, down $4.36, or 4.2%. The WTI October contract that is expiring on Tuesday fell $5.30, or 5.28%, to $95 a barrel. The November contract stood at $91.68.

On Sunday, Iran and the US exchanged new threats, although President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to be in New York this week for the United Nations General Assembly.