Key facts
- December WTI crude oil futures traded near $99.29 a barrel for the week.
- The contract reached a weekly high of $101.37 and a low of $95.25.
- Selling pressure emerged after Iran's president discussed mediation efforts with Pakistan's army chief.
West Texas Intermediate crude oil futures for December remained largely flat for the week, hovering around $99.29 a barrel. The contract saw significant price swings, reaching a high of $101.37 and a low of $95.25. Selling pressure intensified after Iran's president discussed mediation efforts with Pakistan's army chief, leading traders to quickly remove risk premium from crude. However, this move was short-lived as there were no direct U.S.-Iran negotiations, and Iran indicated dialogue with Washington was not possible under current conditions. By the end of the week, WTI crude oil had recovered to its opening level, suggesting that while traders are willing to react to diplomatic headlines, concrete progress is needed for sustained gains.