SINGAPORE: US oil futures dropped for a sixth day running on Thursday, in what could be its longest daily losing streak in more than a year, as key producer Iran sought to speed up talks on its nuclear program and after a rise in US crude inventories.
FUNDAMENTALS
US crude for November delivery eased 33 cents to $102.33 a barrel by 0047 GMT. The contract touched $102.20 on Wednesday, its weakest since July 8. If it closes lower on Thursday, it would mark its sixth straight day of losses, matching a similar downturn in May 2012.
Brent crude slipped 23 cents to $108.09 a barrel, its third fall in four sessions.
Iran's new government, stepping up a campaign to project a more moderate image abroad, said it wants to jump-start talks with world powers to resolve a decade-long dispute over its nuclear program and hoped for a deal in three to six months.
Iranian Foreign Minister Mohammad Javad Zarif is set to hold talks on the nuclear issue on Thursday with US Secretary of State John Kerry as well as diplomats from Britain, France, Russia, China and Germany.
Envoys from the United States, Russia, France, China and Britain have come to an agreement on the core of a UN Security Council resolution to get rid of Syria's chemical weapons, but Russia denied such an accord had been reached and insisted work was "still going on."
US oil inventories rose 2.6 million barrels to 358 million barrels last week, according to data from the Energy Information Administration.
Investor concern also rising over a potential US government shutdown next week unless Congress comes up with emergency funds. The dollar weakened and lifted commodities overnight as the clock ticked toward a Monday deadline for the US Congress to reach a budget deal that would keep the government running.
Comments
Comments are closed for this article.