BNO is trading at $63.91, down 3.34%, amid weakness in Brent crude.
- Brent settled at its lowest level in nearly four weeks on November 3 as traders weighed Qatar-mediated U.S.-Iran diplomacy and the possibility of reduced Middle East supply risks.
- Oil remained volatile on November 4; reports linked price pressure to diplomacy hopes despite unresolved negotiations and supply concerns, leaving the exact intraday catalyst uncertain. Available evidence points mainly to crude-market weakness, not broad equity-market moves.