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Oil Mixed, but Reverses Losses as U.S. and Iran Close to Renewing Nuclear Deal

CommoditiesMay 20, 2021 11:35PM ET
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© Reuters.

By Gina Lee

Investing.com – Oil was mixed Friday morning in Asia, following three days of losses, as the U.S.continues talks with Iran to revive the nuclear deal and lift sanctions.

Brent oil futures inched down 0.02% to $65.10 by 11:27 PM ET (3:27 AM GMT) and WTI futures was up 0.23% to $62.09.

Oil prices are on track to record their biggest weekly loss since March as the U.S. and Iran inch closer to reviving a 2015 nuclear deal that could lift sanctions on Iran’s oil, banking and shipping sectors, and thus boost Iranian crude supply.

Enrique Mora, the European Union official in charge of coordinating diplomacy in Vienna for the nuclear talks, said he was confident a deal, in the works since April 2020, could be reached.

"While the ink is not yet dry and outstanding issues remain to be resolved, significant progress appears to have been made in the ongoing nuclear negotiations in Vienna and around 1 million barrels per day of additional Iranian barrels looks set to potentially hit the market in the back half of this year," RBC Capital Markets' Helima Croft said in a note.

On the demand side, investors remain optimistic about fuel demand outlook heading into the peak summer travel season due to accelerating COVID-19 vaccination rates in Europe and the U.S. However, the COVID-19 outbreaks in parts of Asia continue to cast a shadow on fuel demand.

Oil Mixed, but Reverses Losses as U.S. and Iran Close to Renewing Nuclear Deal
 

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Comments (4)
Matias Riesco Vicuña
Matias Riesco Vicuña May 21, 2021 4:00AM ET
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Lift sanctions news is already priced in
Kumar Krish
Kumar Krish May 21, 2021 3:37AM ET
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what difference will be there on tommrow
Kumar Krish
Kumar Krish May 21, 2021 3:36AM ET
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what is position on tomorrow
Jim Morrison
Jim Morrison May 20, 2021 11:48PM ET
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Iran sells it's oil now what difference does it make none.
JonMichael Patrick
JonMichael Patrick May 20, 2021 11:48PM ET
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100% correct. they never stopped. actually now they will sell it for a bit higher price making oil more expensive...
JonMichael Patrick
JonMichael Patrick May 20, 2021 11:48PM ET
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difference is 50% or better are stupid and the other 49% brainwashed. so it makes a difference when they see a headline
Hakan Guler
Hakan Guler May 20, 2021 11:48PM ET
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They sell 2m barrels per day now they can produce as much as 4m barrels so gap is 2m which is significant.
 
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