US WTI crude futures for November delivery declined 1.35% to $90.25 per barrel.
Oil prices declined on Friday as concerns over Middle East supplies eased after US President Donald Trump said he would not launch an attack on Iran before next month’s US elections. 
Meanwhile, the US imposed fresh sanctions targeting individuals and 17 tankers transporting Iranian oil and petrochemical products, aiming to exert economic pressure on Tehran, Reuters reported.
Energy markets faced additional pressure as oil producers in the Gulf of Mexico shut in around 1.3 million barrels per day (bpd), representing 62.9% of total current production as of Thursday, due to Hurricane Isaias.
Markets are awaiting US oil and gas rig count data from Baker Hughes later today for further insight into the US supply outlook.
Changes in Benchmark Crude Futures Prices
Crude
Price ($/barrel)
Change ($)
Change (%)
Brent (December delivery)
102.80
(1.48)
(1.40%)
WTI (November delivery)
90.25
(1.24)
(1.35%)
US WTI crude futures for November delivery declined 1.35% to $90.25 per barrel.
Oil prices declined on Friday as concerns over Middle East supplies eased after US President Donald Trump said he would not launch an attack on Iran before next month’s US elections.
Meanwhile, the US imposed fresh sanctions targeting individuals and 17 tankers transporting Iranian oil and petrochemical products, aiming to exert economic pressure on Tehran, Reuters reported.
Energy markets faced additional pressure as oil producers in the Gulf of Mexico shut in around 1.3 million barrels per day (bpd), representing 62.9% of total current production as of Thursday, due to Hurricane Isaias.
Markets are awaiting US oil and gas rig count data from Baker Hughes later today for further insight into the US supply outlook.
Changes in Benchmark Crude Futures Prices
Crude
Price ($/barrel)
Change ($)
Change (%)
Brent (December delivery)
102.80
(1.48)
(1.40%)
WTI (November delivery)
90.25
(1.24)
(1.35%)
