Oil Price Today (October 29): Crude oil dips to $113 as diplomatic talks outweigh infra attacks. Can oil fall further?

Crude oil prices moved lower in early Asian trading on October 29, with diplomatic talks weighing more heavily on the market than attacks on infrastructure. The decline followed a stronger previous session for Brent crude.

Brent and WTI move lower

Brent crude fell to $114.40 a barrel in early Asian trading. The benchmark had gained more than 1% during the previous session.

West Texas Intermediate, the US oil benchmark, dropped 1% to $102 a barrel. The moves put both major crude benchmarks below their levels at the close of the prior session.

Diplomacy in focus

The price retreat came as diplomatic talks outweighed concerns linked to infrastructure attacks. The source does not provide further details on the talks or the attacks, but the balance between those developments shaped the reported market move.

The latest figures show a reversal from the previous session’s gains, although they do not establish whether crude prices will continue falling. Further direction remains unresolved based on the available information.

What the figures show

• Brent crude declined to $114.40 a barrel.
• WTI fell 1% to $102 a barrel.
• Brent had risen more than 1% in the prior session.
• Diplomatic talks outweighed infrastructure-attack concerns in the reported market reaction.

For now, the key development is a pullback in both benchmarks after the previous session’s advance, with diplomatic developments at the centre of the reported price movement.