Brent price drops to $95.5

Oil quotes are falling on Monday morning, and investors assess the prospects for the return of Iranian oil to the market, Report informs via Interfax.

By 9:13 Baku time (GMT +4), October Brent futures fell by $1.27 (1.31%) on the London ICE Futures exchange to $95.45 per barrel. On Friday, Brent rose by $0.13 to $96.72 per barrel.

October futures for WTI were cheaper in electronic trading on the New York Mercantile Exchange (NYMEX) - they fell by $1.26 (1.39%) to $89.18 per barrel. During the previous session, the futures rose by $0.27 to $90.77 per barrel.

Over the past week, Brent fell in price by 1.5%, and WTI dropped by 1.4%.

The focus of market participants was the statements about the negotiations on a nuclear deal with Iran, made over the weekend.

"We may be closer to a deal than we were two weeks ago, but the outcome remains unpredictable as some controversy persists. Either way, the outcome doesn't look guaranteed," a White House spokesman told Axios on condition of anonymity.

The market is also monitoring the situation in China, the world's largest oil importer. The Sichuan provincial government extended restrictions on electricity supply to industrial enterprises and took other emergency measures to deal with power outages, writes Treading Economics. All this negatively affects the activity in the industrial sector of the region.