Oil falls for a third straight day after US, Iran talks conclude in Doha
Oil fell for a third straight day on Thursday after Qatar announced that Iran and the U.S. had made progress in indirect talks focused on the Strait of Hormuz. The discussions produced "positive progress" on issues related to the memorandum that halted the war in June, according to a Qatar Foreign Ministry spokesperson.
Brent futures lost 77 cents or 1.1% to $70.80 a barrel by 0256 GMT, while U.S. West Texas Intermediate crude fell 84 cents or 1.2% to $67.74 a barrel. Both benchmarks also fell more than 1% in the previous session, hitting their lowest levels in four months. Haitong Futures noted growing expectations of oversupply and competition for market share pushing prices down as the strait stays open and crude oil flows out. UBS on Thursday cut its Brent forecasts, citing the U.S.-Iran memorandum of understanding and the subsequent increase in oil shipping through the Strait of Hormuz. It cut its average Brent price forecast for the September quarter by $25 and for the December quarter by $10. The bank now expects the benchmark to average $80 a barrel during the second half of the year and $75 in 2027.
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Oil prices have fallen for a third consecutive day following indirect talks between the U.S. and Iran in Doha. This development could have
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