Oil extends losses on No output deal talks

Oil prices on both sides of the Atlantic accelerate to the downside after latest comments from the Iranian oil minister squashed hopes of an output agreement to be reached this week.

Oil: Focus shifts to API report

Currently, both crude benchmarks extend losses, with Brent down -1.52% at $ 47.22, while WTI drops -1.33% to $ 45.32. Oil prices dive deeper into the red as markets digest latest headlines from OPEC and non-OPEC nations’ oil ministers that have gathered in Algeria

However, the renewed selling in oil is mainly driven by comments from the Iranian oil minister, noting that the Algerian meeting is called only for formal talks, while an output agreement may be reached in November.

Markets now eagerly await the US API inventory report due later in the NA session for fresh direction on the black gold.