Trump Says US-Iran Negotiations Going Well, Oil Continues to Under Pressure
Oil prices weakened on Thursday (July 2nd), as investors looked for signs of progress in indirect negotiations between the United States and Iran. This development eased market concerns about potential disruptions to crude oil supplies from the Middle East.
Brent oil for September delivery fell 1.4% to US$70.47 per barrel. This price touched its lowest level since February 27th and is on track to decline for the third consecutive session.
The Brent contract is also likely to record a fourth consecutive weekly decline for the first time in nearly two years. This condition indicates that pressure on oil prices remains strong, especially after the market began to reduce geopolitical risk premiums.
Meanwhile, US West Texas Intermediate (WTI) crude for August delivery fell 1.5% to US$67.54 per barrel. This contract is also on track for a fourth consecutive weekly decline for the first time since early March of last year.
Price pressure arose after US President Donald Trump said that negotiations with Iran in Qatar were going well. Trump said Iran's denuclearization process is moving positively and that the meetings so far have gone very well, although the market is still awaiting confirmation of the outcome of the talks. (asd)*
Source: Newsmaker.id
