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Oil little changed as investors eye U.S.-Iran talks

Category: Economy

Date: 2022-02-10T05:42:05+0000
Oil little changed as investors eye U.S.-Iran talks

Shafaq News/ Oil prices edged down on Thursday, after rallying on an unexpected drop in U.S. crude inventories in the previous session, as investors await the outcome of U.S.-Iran nuclear talks that could add crude supplies quickly to global markets.

Brent crude futures slid 7 cents, or 0.1%, to $91.48 a barrel at 0425 GMT, while U.S. West Texas Intermediate crude was at $89.62 a barrel, down 4 cents.

The White House publicly pressured Iran on Wednesday to revive the 2015 Iran nuclear agreement quickly, saying that it will be impossible to return to the accord if a deal is not struck within weeks.

"The core uncertainty remains whether Iran is willing to sign on the dotted line," Eurasia analyst Henry Rome said, adding that the consultancy was holding onto a 40% call on a return to the agreement.

The restoration of sanction waivers to Iran to allow international nuclear cooperation projects, which were announced last week, along with some positive comments from Russian diplomats, suggest that the parties are moving closer towards a deal, Patterson said.

"Any quick deal would likely put some further downward pressure on prices, as it would help alleviate some concerns over the lack of spare OPEC capacity," he added.

Separately, U.S. President Joe Biden and King Salman of Saudi Arabia discussed energy supplies and developments in the Middle East, including in Iran and Yemen, during a phone call on Wednesday.

Salman also spoke about maintaining balance and stability in the oil markets and emphasized the need to maintain the OPEC+ supply agreement, state news agency SPA said.

In Europe, U.S. Vice President Kamala Harris will be meeting allies and partners in Munich next week seeking to deter Russian aggression in Ukraine.

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