Oil prices decline on oversupply concerns

NEW YORK, Sept. 11 (Xinhua) -- Oil prices declined on Wednesday after news reports said U.S. President Donald Trump discussed easing sanctions on Iran.

Trump was considering easing sanctions on Iran in order to arrange a meeting with Iranian President Hassan Rouhani, according to Bloomberg.

Analysts said the news weighed on the oil market as potentially eased tensions between the United States and Iran would put more oil on the market.

The West Texas Intermediate (WTI) for October delivery decreased 1.65 U.S. dollars to settle at 55.75 dollars a barrel on the New York Mercantile Exchange, and Brent crude for November delivery declined 1.57 dollars to close at 60.81 dollars a barrel on the London ICE Futures Exchange.


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