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Oil is withdrawn as Iranian talks are expected to face many obstacles




Valero Energy Refinery in Corpus Christi, Texas.

Photo: Eddie Seal / Bloomberg

Oil withdrew after the chances of a breakthrough in talks to revive an Iranian nuclear deal were seen by analysts as slim, reducing the chances that crude flows from the country would increase further in the near future.

West Texas Intermediate rose 1.6% after falling 4.6% on Monday, the biggest one-day drop since March 23. The decline was driven by prospects for Iran talks later Tuesday, and a resurgence in Covid-19 infections in Europe. In addition, OPEC + agreed last week to ease supply cuts in the coming months.

Talks in Vienna between Iran, the US and the remaining members ofThe 2015 nuclear deal aims to revive the pact, paving the way for the lifting of sanctions on Tehran’s oil exports.

The WTI has been rocking each side of $ 60 a barrel in recent weeks

“I think the nuclear talks, along with an increase in Covid-19 cases in certain regions, mean that prices are likely to be quite volatile,” said Warren Patterson, head of commodity strategy at ING Group. An intervention in Iran is unlikely, and even if it did, the market would be able to absorb a fairly large increase in Iranian supply and still attract inventories, he said.

Oil rallied 22% in the first quarter as vaccine delivery sparked optimism that demand would be withdrawn as the Organization of the Petroleum Exporting Countries and its allies maintained tight supply control. But progress has encountered increased instability in recent weeks as the resurgence of virus cases in some nations hurts consumption, and the cartel was preparing to release taps.

  • WTI for May delivery gained 1.6% to $ 59.56 a barrel on the New York Mercantile Exchange at 7:30 a.m. in London.
  • Brent for the June deal rose 1.4% to $ 63.00 a barrel on the ICE Futures Europe exchange after losing 4.2% on Monday.

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