![]() sanctions placed on Raisi be removed before an agreement is reached. "The possibility of Iranian oil hitting the market in the short term looks unlikely," the bank said, adding that Iran is insisting that U.S. West Texas Intermediate (WTI) crude futures settled 7 cents lower at 75.16 a barrel, having jumped 2.4 on Thursday to close at their highest since October 2018. Traders are on edge as they away a decision from OPEC+ regarding the potential. Two diplomats said they expected a break of around 10 days.ĪNZ said the election could delay the nuclear deal. Tuesday, MaOil prices pared gains at the start of the week, seemingly hitting a temporary high note. Negotiations to revive the Iran nuclear deal took a pause on Sunday after hardline judge Ebrahim Raisi won Iran's presidential election amid a low turnout on Saturday. Oil prices dipped slightly on Friday after OPEC+ ministers delayed an output policy meeting, with sources saying the United Arab Emirates had balked at proposals that included raising supply by 2. ![]() "The rebound in demand in the northern hemisphere summer is so strong that the market is becoming increasingly concerned about further sharp drawdowns on inventories," ANZ analysts said in a note. The rebound has already pushed up spot premiums for crude in Asia and Europe to multi-month highs. ![]() economy Hiring picture remains strong but shows signs of softening Negative profit expectations resurface NEW YORK. West Texas Intermediate (WTI) crude for July was at $71.96 a barrel, up 32 cents, or 0.5%.īoth benchmarks have gained for the past four weeks amid optimism over the pace of global vaccinations and a pick up in summer travel. Fifty-six percent of business executives now express pessimism about the U.S. SINGAPORE - Oil prices nudged up on Monday, underpinned by strong demand during the summer driving season and a pause in talks to revive the Iran nuclear deal that could indicate a delay in resumption of supplies from the OPEC producer.īrent crude futures for August gained 30 cents, or 0.4%, to $73.81 a barrel by 0051 GMT, while U.S.
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