Signals from Washington lowered oil prices below $106

In London, a barrel in the reference futures contracts was traded in the afternoon at a price lower by $7.60 than at the close of trade at the end of last week, at $105.83. On the American market, it was cheaper by $7.17 and cost $96.95.

October ended with the highest price of a barrel in six months, with fears of an escalation in the Middle East following the US congressional elections on Tuesday.

In early October, US President Donald Trump said that new attacks on Iran were not planned before the election. On Friday, Trump told the Kansas City radio station KCMO that the war with Iran will soon be over, without specifying how it should happen.

On Saturday, US Secretary of State Marco Rubio said at the gathering of heads of diplomacy of the G20 group in Atlanta that President Donald Trump is “more inclined to a diplomatic solution”.

Rubio did not want to set a time frame for the talks in Qatar, citing only direct and indirect contacts with Iran.

Qatari mediators spoke on Friday in Tehran with Iranian officials, and on Saturday they moved the talks to Doha, an unnamed official told Reuters, adding that they coordinate in regular contacts with Washington.

On Sunday, Iranian Foreign Minister Abbas Arakči said the goal of the talks was to continue consultations with Qatari mediators, adding that Tehran was ready “for both defense and diplomacy.”

Oil prices were cooled by hopes that diplomacy could still achieve success, in one form or another, and the fact that the armed conflict did not escalate over the weekend, said KCM Trade analyst Tim Waterer.

Saudi oil exports rose again in October compared to September, despite attacks by Yemen’s Ansar Allah movement on the kingdom’s energy infrastructure, Reuters quoted two shipping tracking companies as saying.

Separate calculations of the Organization of the Petroleum Exporting Countries (OPEC) showed that on Friday, a barrel of the oil basket of its members rose by $3.01 and stood at $115.86.