Oil falls to lowest since September 10 on diplomacy hopes

Crude oil prices fell to their lowest levels since September 10 on Monday, September 21, as traders priced in hopes of diplomatic progress in the war between the United States and Iran during the week of the United Nations General Assembly, alongside a partial recovery in Saudi Arabian exports. Brent crude for November delivery was at $102.09 a barrel at 0655 GMT, down $1.78, or 1.71 percent, after settling 91 cents lower on Friday. US West Texas Intermediate crude for October, which expires on Tuesday, fell $1.97, or 1.96 percent, to $98.33 a barrel following a $1.58 drop in the previous session. WTI broke below the key psychological support level of $100 a barrel. A Singapore-based broker said some investors may have rolled positions from the October contract into November a day ahead of expiry, which also influenced prices. Tim Waterer, chief market analyst at KCM Trade, said a degree of risk premium appears to be being removed from oil prices on hopes that a diplomatic path to de-escalation may arrive this week, adding that whether that hope proves warranted remains to be seen.