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Commodities

10 Feb 2022

Oil Sees Slight Drop ahead of U.S.-Iran Nuclear Talks

The Index Today

Oil prices fell on Thursday spurred on by a sudden dip in U.S. crude inventories in the last session, amid upcoming nuclear deal negotiations between Iran and the U.S.

Brent crude futures fell by 0.1% to $91.48 per barrel at 0425 GMT. U.S. West Texas Intermediate futures was also down at $89.62 a barrel. This comes in the midst of growing demand as world markets recover from their pandemic-induced slump.

According to the Energy Information Administration, U.S. crude inventories plummeted by 4.8 million barrels in the week of February 4th, hitting their lowest levels since October 2018 at 410.4 million barrels.

Warren Patterson, Head of Commodities Research at ING, said, "We are seeing some consolidation after a fairly constructive EIA report."

But investors have opted for a more cautious tone as they await the results of the U.S.-Iran talks on the 2015 nuclear deal. Patterson anticipates a resolution to come about soon since the U.S. has afforded Iran sanctions permitting them to engage in international nuclear cooperation undertakings.

This comes after the White House recently issued a public statement urging Iran to renew the 2015 nuclear deal.

Clay pottery with table linens