Brent crude oil futures rose to around $65.6 per barrel on Tuesday amid increased uncertainty over the progress of US-Iran nuclear negotiations. Iran's Deputy Foreign Minister Majid Takhtravanchi said on Monday that talks between Iran and the US will "lead nowhere" if Washington continues to demand a complete halt to Tehran's uranium enrichment activities. Meanwhile, US President Donald Trump said that Russia and Ukraine will "immediately" begin ceasefire negotiations following a phone call with Russian President Vladimir Putin. A potential truce could pave the way for increased Russian oil exports if sanctions are eased, potentially capping further oil price gains. Additional downward pressure on oil prices came from Moody's downgrade of the US sovereign credit rating, which raised concerns about the economic outlook of the world's largest oil consumer. Slower industrial production and retail sales growth in China, the top oil importer, also contributed to bearish sentiment.
Meanwhile,WTI crude oil futures rose to around $62.3 per barrel on Tuesday amid increased uncertainty over the progress of US-Iran nuclear negotiations. Iran's Deputy Foreign Minister Majid Takhtravanchi said on Monday that talks between Iran and the US will "lead nowhere" if Washington continues to demand a complete halt to Tehran's uranium enrichment activities. Meanwhile, US President Donald Trump said that Russia and Ukraine will "immediately" begin ceasefire negotiations following a phone call with Russian President Vladimir Putin. A potential truce could pave the way for increased Russian oil exports if sanctions are eased, potentially capping further oil price gains. Additional downward pressure on oil prices came from Moody's downgrade of the US sovereign credit rating, which raised concerns about the economic outlook of the world's largest oil consumer. Slower industrial production and retail sales growth in China, the top oil importer, also contributed to bearish sentiment.
Source: Trading Economi
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