On Monday decrease oil prices after Iran described as “constructive” emergency negotiations on a multi-party nuclear deal with a group of signatories, suggesting a decrease in tensions in the Middle East.
U.S. West Texas Intermediate crude was down by 12 cents, or 0.2%, at $56.08 a barrel. WTI gained 1% last week. Brent crude futures were down 23 cents, or 0.4%, at $63.23 a barrel by 0054 GMT. Prices rose 1.6% last week.
Iranian official Abbas Araqchi said on Sunday, in meeting with the parties to the Iran nuclear deal in 2015 was constructive, but there are still unsettled issues and Tehran will continue to minimize its nuclear commitments if the Europeans fail to save the pact.
Araqchi, the senior Iranian nuclear negotiator said “The atmosphere was constructive. Discussions were good. I cannot say that we resolved everything, I can say there are lots of commitments,”
The meeting did not include the United States, which pulled out of the agreement in May 2018 and slapped sanctions back on Iranian oil exports.
Still, tensions remain high around the Strait of Hormuz as Iran refused to release a British-flagged tanker it seized but granted India consular access to 18 Indian crew members.
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27 September, 2019