Oil little changed as investors weigh Iran talks, demand bump
Andres Guerra Luz and Alex Longley, Bloomberg News Storage tanks located near a dock for Hornbeck Offshore Services, Inc. oil industry support vessels in Port Fourchon, Louisiana, U.S., on Thursday, June 11, 2020. Oil eclipsed $40 a barrel in New York on Friday, extending a slow but relentless rise thatâs been fueled by a pick-up in demand and could signal a reawakening for U.S. shale production. Photographer: Luke Sharrett/Bloomberg , Bloomberg
Oil inched up with the prospect of a continued recovery in demand offsetting some concerns around higher Iranian supplies if sanctions on the countryâs exports are loosened.
Oil inched up with the prospect of a continued recovery in demand.
(Bloomberg) Oil inched up with the prospect of a continued recovery in demand offsetting some concerns around higher Iranian supplies if sanctions on the country’s exports are loosened.
West Texas Intermediate closed higher after switching between gains and losses in about a $1-a-barrel trading range on Tuesday. Expectations for a pick-up in demand as the U.S. summer driving season begins this month as well as signs of improving mobility in Europe are keeping prices supported. Meanwhile, talks between Iran and other nations continued in Vienna to resolve outstanding issues on a nuclear accord, which may pave the way for the removal of U.S. sanctions on crude flows from the Persian Gulf nation.
Oil wavers with talks resuming on potentially reviving Iran deal
Andres Guerra Luz and Alex Longley, Bloomberg News Storage tanks located near a dock for Hornbeck Offshore Services, Inc. oil industry support vessels in Port Fourchon, Louisiana, U.S., on Thursday, June 11, 2020. Oil eclipsed $40 a barrel in New York on Friday, extending a slow but relentless rise thatâs been fueled by a pick-up in demand and could signal a reawakening for U.S. shale production. Photographer: Luke Sharrett/Bloomberg , Bloomberg
Oil switched between small gains and losses as investors weighed talks of higher Iranian supply against the prospect of a continued recovery in demand.