With oil prices soaring on Tuesday and Brent gaining ground for the fourth consecutive session, expectations of an additional supply to the market from Iran soon faded, dragging talks on the US rejoining the nuclear deal with Tehran.
Brent crude was up 38 cents, or 0.5%, at $ 73.24 a barrel at 0651 GMT, up 0.2% on Monday. In the previous session, 3 coins fell, US. Oil was up 33 cents, or 0.5%, at $ 71.21 a barrel.
Indirect talks between the US and Iran on the 2015 agreement on Tehran’s nuclear program resumed in Vienna on Saturday, which was described as “serious” by the European Union.
A U.S. return to the deal could lead to the lifting of sanctions on Iran, which would allow OPEC members to resume crude exports.
“It is unlikely that the United States will rejoin the Iranian nuclear deal before the Iranian presidential election this weekend,” the ING economy said in a statement.
Along with other members of the Organization of the Petroleum Exporting Countries (OPEC) and key producers, including Russia – a group is known as OPEC + – has suspended publication to support prices amid epidemics.
“Additional supply from OPEC + will be required in the second half of this year and demand is expected to continue to recover,” ING said.
However, prices were higher in the previous day, the US. Crude is briefly reduced to negative territory.
“Daily technical indicators indicate crude oil in the area where it is currently highly purchased, which may be the reason for the retreat,” said Avtar Sandu, senior manager of products at Philip Futures.
Investors and traders are expected to visit the U.S. for two days. The conclusion of the Federal Reserve meeting starts later Tuesday, which is for signals as to when the monetary stimulus will begin to be measured, he said.
The U.S. during epidemics. The central bank is preparing to start discussing how and when to launch a massive asset-purchase program that will help support the economy.
