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Oil fell
West Texas
Intermediate dropped as world powers held talks with
Prices slid
as much as 1.2 percent on Iranian proposals to end a decade-long standoff as
two days of negotiations with the
WTI for
November delivery declined 42 cents, or 0.4 percent, to $101.99 a barrel at
10:53 a.m. on the New York Mercantile Exchange. Trading volume was about
12 percent below the 100-day average.
Brent for November settlement, which expires tomorrow, fell 69 cents, or 0.6 percent, to $110.35 a barrel on the London-based ICE Futures Europe exchange. The more-active December contract lost 49 cents to $109.75. The front-month European benchmark was at a premium of $8.36 to WTI after narrowing for the first time in six sessions yesterday to $8.63.
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