Oil Prices Hold, US-Iran Agree to Continue Negotiations in Vienna
Oil prices held steady after the United States and Iran agreed to resume nuclear talks next week, following a round of discussions on Thursday. Despite the continued dialogue, the market remained cautious as the massive US troop buildup in the Middle East kept sentiment tense and the risk premium lingering.
Brent traded below $71/barrel after closing virtually unchanged on Thursday, while WTI hovered around $65/barrel. Iran said the Geneva meeting showed good progress, but sources familiar with the US position said the American delegation left the negotiating table disappointed. Both sides agreed to continue discussions in Vienna at a technical level, according to an Omani mediator.
Although oil market tensions eased somewhat this week, prices remained higher for the year as concerns about a potential US attack on Iran helped offset expectations of a global surplus. Market participants now turn their attention to the OPEC+ meeting on Sunday to determine April supply policy, with the risk of a US-Iran conflict clouding the outlook.
In Asian trading, Brent April (contract expiring Friday) fell 0.3% to $70.54/barrel at 9:45 a.m. Singapore time, while Brent May fell 0.4% to $70.56/barrel. WTI April fell 0.4% to $65.00/barrel. (asd)
Source: Newsmaker.id
