WASHINGTON (dpa-AFX) - Oil prices climbed higher around mid morning on Monday, but retreated and settled lower despite geopolitical tensions and the death of Iran's President and Foreign Minister in a helicopter crash.
Oil prices were weighed down by concerns the Federal Reserve will likely keep interest rates higher for a longer time.
A couple of Fed officials said recently that they are not yet ready to say inflation trends are again moving sustainably back to the central bank's 2% target, despite last week's data showing signs that consumer price pressures are easing.
West Texas Intermediate Crude oil futures dropped to around $79.80, down $0.26 from the previous close.
Brent crude futures were down $0.28 or about 0.33% at $83.70 a barrel a little while ago.
Iran's President, Ebrahim Raisi, and Foreign Minister, Hossein Amir-Abdollahian, have been declared dead following a helicopter crash near the north-western town of Julfa, on the border with Azerbaijan, Sunday, according to state news agency IRNA.
Meanwhile, it is felt that the sudden death of the Iranian president is unlikely to affect the nation's oil policy, as it is the country's Supreme Leader Ayatollah Ali Khamenei who holds ultimate power with regard to all state matters.
Separately, Saudi Arabia's state news agency reported that 88-year-old King Salman will undergo treatment for lung inflammation.
The state-run Saudi Press Agency reported earlier on Sunday that the 88-year-old monarch had a high fever and joint pain. He underwent medical tests at the Royal Clinics at Al Salam Palace.
Investors are awaiting the upcoming meeting of the Organization of Petroleum Exporting Countries and allies, collectively known as OPEC+.
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