Oil prices fell on Tuesday, a day after U.S. President Donald Trump suggested that “rogue killers” could be responsible for the disappearance and presumed murder of Saudi journalist Jamal Khashoggi, who hasn’t been seen since entering the Istanbul consulate on October 2.
Coming after a 20-minute phone call with Saudi Arabia’s King Salman, Trump’s comments on Monday implied that the U.S. is a long way from taking any punitive action against the kingdom.
Global benchmark Brent crude for December delivery fell by 66 cents or 0.82 percent to $80.12 per barrel while U.S. West Texas Intermediate crude futures for November delivery were down 0.92 percent at $71.14 a barrel.
Investors also shrugged off media reports suggesting that Iranian crude exports have fallen further in the first two weeks of October.
The sanctions on Iran’s oil sector will go into effect on Nov. 4. The United States has done most of the things it could do, and there is not much left to do against Iran, the country’s oil minister Bijan Zanganeh was quoted as saying today by the semi-official ISNA news agency.
The American Petroleum Institute’s inventory data is due for publication later in the day.