Oil steadies as market assesses US-Iran talks, demand signals
Oil prices steadied on Tuesday due to uncertainty in U.S.-Iran negotiations and Russia-Ukraine peace talks, while new government data delivered a cautious outlook for top crude-importer China's economy.
Brent futures for July inched 3 cents lower, or 0.1%, to $64.73 a barrel by 0842 GMT.
June U.S. West Texas Intermediate crude futures, which expire on Tuesday, gained 48 cents to $63.17, while the more active July contract steadied at $62.13 a barrel.
Iran's Supreme Leader Ayatollah Ali Khamenei voiced doubts over whether nuclear talks with the U.S. will lead to an agreement, Mehr News reported, as Tehran reviews a proposal to hold a fifth round of negotiations.
A deal between the two countries would allow Iran to raise oil exports by 300,000 barrels to 400,000 barrels per day if sanctions were eased, StoneX analyst Alex Hodes said.
Prices were capped by U.S. President Donald Trump indicating that he was not ready to join Europe with fresh sanctions to pressure Moscow, while President Vladimir Putin and Ukraine would immediately start negotiations for a ceasefire.
Source: Reuters
