Brent falls 6% on hopes of US-Iran talks as OPEC+ holds December quotas
Brent fell about 6% to $109.92-$110.34 a barrel on hopes of US-Iran talks, while OPEC+ kept December output at September levels.
Brent crude fell about 6% to a range of $109.92 to $110.34 a barrel, a drop of 6.2% to 6.6%, on hopes of diplomatic talks between the United States and Iran.
The decline came after the OPEC+ group kept December production at September levels, a decision that leaves the size of supply close to its current level.
The group set its next meeting for November 29, a date the market is watching to see whether it will revisit production levels.
The decision was limited to holding December production at September levels, with no announcement of a change in actual supply volumes.
What do these terms mean?
Brent crude: a type of crude oil used as a benchmark for pricing more than two-thirds of the world's oil.
OPEC+: an alliance of OPEC members and non-member countries that coordinates on oil production levels.
Production quotas: volumes that producing countries agree on to determine the amount of supply in the market.
Barrel: a unit for measuring oil volume, equal to about 159 litres.
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