Oil retreats after 4% rally as US-Iran hopes offset Gulf output disruptions

Crude oil slipped towards $90 per barrel in Friday?s electronic trades, retreating after a nearly 4% rally in the previous session as US President Donald Trump signalled ?productive discussions? with Iran and ruled out an attack before the US midterm elections. Earlier pressure stemmed from the IEA?s planned release of 100 million barrels of oil and fuels under a broader G7-led initiative targeting around 400 million barrels. However, supply concerns persisted as Tropical Storm Isaias forced the shutdown of roughly 500,000 barrels per day of Gulf of Mexico crude production. On the MCX, October crude oil futures fell more than 1% to Rs 8,764 per barrel.

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