Oil edged marginally higher after a choppy session as investors assessed the status of nuclear talks between the US and Iran.
West Texas Intermediate settled above $63 a barrel, with markets reacting sharply to headlines tied to the meeting. Iranian Foreign Minister Abbas Araghchi said the talks had a “good start,” even as the Wall Street Journal reported that Tehran stood by its refusal to end enrichment of nuclear fuel, a major sticking point for the US.
The escalation in the Middle East, which provides about a third of the world’s crude, has added a risk premium to benchmark oil prices. Traders have weighed the geopolitical tensions against an outlook for oversupply.
Still, futures in New York notched their first weekly retreat since mid-December as the US-Iran talks helped allay concerns over a broader conflict in the region.
Prices also extended gains after data showed US consumer sentiment unexpectedly improved to the highest in six months, calming some concerns over an economic slowdown in the country that could lead to weaker oil demand.
Meanwhile, in trilateral negotiations with the US, Ukraine and Russia agreed to exchange prisoners for the first time in five months as they sought to end their four-year conflict. Talks were making progress, with results expected “in the coming weeks,” President Donald Trump’s special envoy said.
Saudi Arabia cut prices for buyers in Asia by less than expected, signaling confidence in demand for its barrels, although prices have still been reduced to the lowest levels since late 2020.
Oil Prices
WTI for March delivery settled 0.4% higher at $63.55 a barrel in New York.
Brent for April settlement rose 0.7% to close at $68.05 a barrel.
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