Oil steadied after two days of losses as a potential nuclear deal between the U.S. and Iran risked worsening forecasts of a supply glut for later this year.
West Texas Intermediate was trading near $62 a barrel after dropping 2.4% on Thursday in its biggest daily drop this month, while Brent closed below $65. President Donald Trump signaled the U.S. was getting closer to a deal to curb Iran's nuclear activities. The nuclear deal raises the prospect of limited additional supply from Iran, but it would come to a market already set for a surplus.
The International Energy Agency reiterated on Thursday that it expects the increase in new supply, and the return of production capped by OPEC+, to outpace slowing demand growth this year and next, creating a global supply glut.
Oil was still set for a second weekly gain, after surging on the prospect of improving demand following an easing trade conflict between the U.S. and China, the world's biggest crude consumer. Prices are still down about 10% this year thanks to the double whammy of trade uncertainty and faster-than-expected production increases by the Organization of the Petroleum Exporting Countries and its allies. (Newsmaker23)
Source: Bloomberg
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