Oil prices rise as markets watch potential US-Iran talks

Oil prices rose on September 22 for the first time in five sessions as investors awaited developments on potential US-Iran talks at the United Nations General Assembly this week, while increased supplies moved through the Strait of Hormuz over the weekend.

Brent crude futures for November delivery rose $1.14, or 1.1%, to $101.48 a barrel by 0317 GMT. US West Texas Intermediate (WTI) crude for October delivery, which expires on September 22, gained 87 cents, or 0.9%, to $96.65 a barrel, Reuters reports. 

The more actively traded November WTI contract rose 85 cents, or 0.9%, to $93.22 a barrel.

Oil prices are likely to remain range-bound and sensitive to headlines until there is either clear progress or a setback in diplomatic efforts between the United States and Iran, Waterer said.

Meanwhile, output from the field is currently between 100,000 and 105,000 barrels per day, according to two engineers at the field who spoke to Reuters.

By Sabina Mammadli