NEW YORK, Nov. 9 (Xinhua) -- Crude oil futures fell by more than 5 percent at one point during Monday morning trading amid easing geopolitical concerns in the Middle East.
The West Texas Intermediate for December delivery touched 86.19 U.S. dollars per barrel at one point, down 5.11 percent, on the New York Mercantile Exchange. Brent crude for January delivery fell to 92.80 dollars per barrel, down 5.61 percent, on the London ICE Futures Exchange.
In a phone interview with CNN on Sunday, U.S. President Donald Trump said that renewed military strikes on Iran were "highly unlikely" as long as negotiations made progress, but did not rule out further military action.
EBW AnalyticsGroup said it remains skeptical that U.S.-Iran discussions will yield fruit. Nevertheless, if regional crude exports remain stout, the United States may have less reason to restart an active military campaign.
The global oil market recorded a surplus of 1.1 million barrels per day (bpd) in September and 1.4 million bpd in October, driven by recovering Middle Eastern oil flows, rising output from other producers and weak demand, according to a recent report by JPMorgan.
