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Brent oil falls 15% in a week to $99 on Iran peace hopes

Brent crude lost 15% this week as traders bet on progress in U.S.-Iran diplomacy. U.S. drilling activity edged up, while Spain told olive oil mills to hold back output.

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Photo: NAC, CC BY-SA 4.0, via Wikimedia Commons

Energy ·

Oil prices are heading for one of their steepest weekly drops in recent memory. ICE Brent, the international crude benchmark, slid 15% over the week to $99 a barrel. Traders expect diplomatic progress between the United States and Iran.

Energy

Prices dropped even though strikes in the Strait of Hormuz went on. There are also signs that the time the Trump administration has to keep fighting in the Middle East is getting shorter. Any claim of a worldwide oversupply may come too early.

In numbers

  • -15%Brent weekly move
  • $99Brent price per barrel
  • 604U.S. total rigs

Brent crude, the past month

$98.33down −1.87%

$117.64$94.627 Oct6 Nov

Energy

In the United States, the rig count rose slightly this week, according to Baker Hughes data released Friday. Total active rigs reached 604, which is 56 more than a year ago. Oil rigs rose by 1 to 463, and gas rigs rose by 1 to 131.

Miscellaneous rigs slipped by 1 to 10. Separately, Spain ordered olive oil mills to hold back output in an effort to lift prices.

Brent crude$98.33down −1.87%over 1 month
$117.64$94.627 Oct6 Nov

Prices can be delayed by 15 minutes or more. Past moves say nothing about future ones.

$1,000 in Brent crude

Had you put $ into Brent crude a month ago, it would be worth – now.

From the prices in the chart, before any fees or taxes. Not a suggestion to buy or sell.

U.S. active rigs

  • Oil rigs463 rigs
  • Gas rigs131 rigs
  • Miscellaneous10 rigs

Baker Hughes data for the latest reporting week.

Background

Baker Hughes publishes a weekly count of active drilling rigs in the United States.

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Brent crude

This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake
Photo: NAC, CC BY-SA 4.0, via Wikimedia Commons

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