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Am Kh
Jun 08, 2023 2:20PM ET
Hmm. And who owns the media?
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Oil prices partially recover after US, Iran deny reported nuclear deal
Published Jun 07, 2023 09:49PM ET
Updated Jun 08, 2023 04:42PM ET
© Reuters. FILE PHOTO: Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford
By Laura Sanicola
(Reuters) -Oil prices settled lower on Thursday but rebounded from earlier losses after the U.S. and Iran both denied a report that they were close to a nuclear deal.
Oil fell by more than $3 on the report that the U.S. would give Iran sanctions relief to export oil in return for Tehran reducing uranium enrichment.
A spokesperson for the White House National Security Council called the report "false and misleading".
Brent crude settled down 99 cents, or 1.3%, at $75.96 a barrel while U.S. West Texas Intermediate crude settled down $1.24, or 1.7%, to $71.29.
"If there's no Iran deal then we're back where we were before, focused more on fuel demand," said John Kilduff, partner at Again Capital LLC in New York.
Oil prices were lower earlier after the U.S. reported a larger-than-expected rise in gasoline inventories on Wednesday. That raised concern about U.S. fuel demand, with the peak summer driving season well under way.
Demand concerns outweighed the prospect of tighter supply after Saudi Arabia pledged at a weekend OPEC+ meeting to cut crude output by 1 million barrels per day in July. That unilateral cut was in addition to the group's broader deal to extend existing supply curbs into 2024.
Oil prices could get a lift if the U.S. Federal Reserve skips a rate hike at its next meeting on June 13-14, said Tamas Varga from PVM brokerage. Economists polled by Reuters expect no hike at the meeting.
The U.S. dollar was slightly weaker on Thursday, making oil cheaper for buyers holding other currencies.
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Comments (8)
Himanshu Yadav
Jun 08, 2023 2:08PM ET
make news. Media should be sued for spreading fake news.
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John E
Jun 08, 2023 12:56PM ET
Iranian Oil already on the market.
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Gary Piccone
Jun 08, 2023 12:19PM ET
more reason for the Saudis to make bigger cuts
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Barani Krishnan
Jun 08, 2023 12:19PM ET
Yes, they should cut 8 mln barrels next and just leave 1 mln. Maybe, Aramco should also invite you on its board.
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Nenad Radulovic
Jun 08, 2023 12:06PM ET
Why the big drop in oil?
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Everydays Buisness
Jun 08, 2023 12:06PM ET
technical selloff
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Nicholas Tagliapietra
Jun 08, 2023 11:48AM ET
It didn’t age well
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madhu naidu
Jun 08, 2023 10:22AM ET
Fake news
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Derick Lim
Jun 08, 2023 6:00AM ET
AI does not need oil.....humanity now only needs AI for everything
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