ME News reports that on August 3 (UTC+8), international crude oil futures prices fell sharply in early trading on the afternoon of August 2 (Eastern Time), as market expectations grew that the United States and Iran would soon hold new negotiations. By 7:00 p.m. Eastern Time on August 2, the price of September-delivery West Texas Intermediate crude oil on the New York Mercantile Exchange dropped to a low of $74.78 per barrel, a decline of $5.89, or 6.96%, from the previous trading day’s close. The price of October-delivery Brent crude oil on the London ICE Futures Exchange fell to a low of $81.55 per barrel, down $6.38, or 7.26%, from the prior close. On the afternoon of August 2, U.S. President Trump told reporters aboard Air Force One that the United States would hold negotiations with Iran the following day. The day before, Trump announced the cancellation of planned military strikes against Iran. (Source: ODAILY)
U.S.-Iran talks expected; international oil prices drop sharply
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Summary
On August 3 (UTC+8), the futures market saw sharp declines in crude oil prices as traders anticipated renewed U.S.-Iran talks. On August 2 (U.S. Eastern Time), September-delivered light crude futures fell to $74.78 per barrel, a 6.96% drop. October-delivered Brent crude also declined 7.26% to $81.55. U.S. President Trump announced plans to negotiate with Iran after canceling a military strike. Perpetual futures contracts also reflected the market’s bearish sentiment.
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