The official price of the Oman Crude for November delivery dropped by $0.03 to $110.19 per barrel on Wednesday.
The monthly average price of Omani crude oil for September delivery was US$76.36 per barrel, down US$2 and 73 cents compared to the price of August delivery, while the average monthly price for October has been $87.84.
Oil prices fell for a sixth straight session as Saudi Arabia restarted operations at its East-West Pipeline and may have already resumed exports from the Red Sea port of Yanbu.
Brent hit $98.41 and WTI lowered to $89.23 per barrel in afternoon Asian trading. Trump told reporters the three-hour meeting was "very good", "very productive" and "they have another one scheduled in the very near future".
US President Donald Trump also said talks with Iran in New York had made progress, but then threatened to "annihilate" the country if a deal was not reached. "We're probably nearing a point where it's in both sides' best interests to de-escalate the conflict and find a way to move forward," said Brock Weimer, analyst, investment strategy, at Edward Jones.
Iranian President Masoud Pezeshkian addresses the UN General Assembly later on Wednesday and markets are alert to reports he might hold talks with Trump.
A sustained resumption of oil flows through the Strait of Hormuz would be crucial to keeping inflation in check, which in turn will impact the global interest rate outlook. However, caution persists as similar optimism has unravelled quickly in the past. "We've been through a series of starts and stops like this," said Cole Smead, CEO and portfolio manager at Smead Capital Management.
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