NewsBreak: Oil Extends Losses on Iran Sanctions Claims

Sep 27, 2019

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- Crude oil prices extended their losses on Friday after Iranian President Hassan Rouhani was quoted by Reuters as saying that U.S. President Donald Trump had offered to lift all sanctions on Iran in return for talks. It wasn't immediately clear what conditions would be applied to starting talks, and what exactly such talks would encompass. U.S. Special Representative for Iran Brian Hook was quoted soon after as saying Iran's claims were "baseless".

The news gave crude a second leg down, only hours after reports broke suggesting that Saudi Arabia would agree to a ceasefire in Yemen, where it has been fighting anti-government rebels for the last four years.

U.S. WTI crude futures fell as low as $54.84 a barrel before recovering to $55.44 by 8:57 AM ET (1257 GMT)

Brent Oil Futures crude futures at $61.56, down from $61.91 before Rouhani's comments.

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