NEW YORK: Oil prices fell about seven per cent to a three-week low on Monday after US President Donald Trump held off on a fresh attack on Iran in the hope of sealing a quick dealthat could boost oilsupplies from the Gulf.
Front-month Brent futures fell $6.35, or 7pe, to settle at $83.77 a barrel, while US West Texas Intermediate (WTI) crude fell $4.33, or 5.1pc, to settle at $80.34. That was the lowest close for Brent since July 13, due in part to the start of the less expensive October futures as the front-month after the more expensive September contract expired on Friday.
Brent prices for October were down 4.7pc from where the October contract closed on Friday.
-Reuters