Oil Slips Further as Iran Nuclear Talks Set to Resume
Business
Asharq Al-Awsat
Oil prices extended declines on Thursday, pushing US futures below $80 a barrel, after Iran and world powers agreed to resume nuclear talks this month that could lead to the removal of US sanctions on Iranian oil, increasing global supplies. US West Texas Intermediate crude slid for a third day to $79.98 a barrel by 0326 GMT, down 88 cents, or 1.1%. Brent crude futures for January fell for a second session to $81.33 a barrel, down 66 cents, or 0.8%. Both benchmarks on Wednesday posted their biggest daily percentage declines since early August, with Brent closing at its lowest since Oct. 7 and WTI since Oct. 13, after weekly inventory data from the US Energy Information Administration showed a larger than expected rise in crude stocks last week. "The fall in oil prices overnight was likely partly due to the rise in US oil stockpiles," Commonwealth Bank commodities analyst Vivek Dhar said in a note. "The more dominant driver of the decline in oil prices was Iran's announcement that the US and Iran will resume talks on reviving a nuclear accord." Tehran and six powers will start talks on reviving the 2015 Iran nuclear deal on Nov. 29. Iran has demanded that the United States remove sanctions that have been limiting its oil exports. "We think [Iranian President Ebrahim] Raisi is still keen to strike a deal, despite his differences with the US, because of the economic windfall from US sanctions being lifted," Reuters quoted Dhar as saying, referring to the country's newly elected president.
from Asharq AL-awsat https://english.aawsat.com/home/article/3284271/oil-slips-further-iran-nuclear-talks-set-resume
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