Oil Prices Rise Again in Global Market After Several Declines

After several rounds of declines, oil prices in the global market have risen slightly. On Tuesday (September 22) early morning Bangladesh time, November futures for Brent crude oil rose by 22 cents, or 0.22 percent, to $100.57 per barrel.

Meanwhile, the October contract for US West Texas Intermediate (WTI) crude oil expires on Tuesday. The price of the contract rose by 2 cents, or 0.02 percent, to trade at $95.80 per barrel.

The price of the most actively traded November WTI contract rose by 13 cents, or 0.14 percent, to $92.49 per barrel.

Meanwhile, investors are keeping an eye on the possibility of diplomatic talks between the United States and Iran on the sidelines of the United Nations General Assembly session. US President Donald Trump has expressed interest in meeting Iranian President Masoud Pezeshkian.

According to market analysts, the recent rise in oil prices after the latest declines is being viewed mainly as a short-term adjustment. Fluctuations in the oil market may continue until there is major progress in US-Iran diplomatic efforts or a new deadlock emerges.

Source: Reuters