Oil prices remained stable as investors considered the implications of upcoming US-Iran nuclear talks aimed at easing tensions against a backdrop of expected increases in OPEC+ supply.
Oil prices showed little change as investors weighed the potential effects of the anticipated negotiations between the United States and Iran regarding nuclear issues. These discussions are intended to ease ongoing tensions which could have repercussions on global oil supply dynamics. Concurrently, expectations of increased output from OPEC+ nations add another layer of complexity to market forecasts.
In the trading session, Brent crude futures fell by 18 cents to $67.52 per barrel, while West Texas Intermediate (WTI) crude experienced a decline of 17 cents, settling at $62.72 per barrel. This market behavior indicates a cautious approach among traders as they absorb the ramifications of geopolitical changes and their possible impact on oil supply and prices.
Furthermore, global financial market activity is expected to be subdued due to the closure of markets in China, South Korea, and Taiwan for Lunar New Year celebrations, alongside the Presidents' Day holiday observed in the United States. The prior week saw both major oil benchmarks record weekly losses, underscoring the market's sensitivity to political developments and commentary from influential figures like the US President regarding potential agreements with Tehran.
