Oil held losses near $68 a barrel after French PresidentEmmanuel Macron proposed negotiating a new deal with Iran to contain its nuclear program in a bid to keep the U.S. on board.
Futures in New York were little changed Wednesday after dropping 1.4 percent on Tuesday. Macron said during a trip to Washington he wants a new Iran agreement that would curb the Mideast nation’s ballistic missile development and halt its nuclear program. U.S. President Donald Trump earlier warned Iran not to restart its nuclear program even if America withdraws from the 2015 accord. Meanwhile, U.S. crude inventories rose by 1.1 million barrels last week, the American Petroleum Institute was said to report.
West Texas Intermediate crude for June delivery traded at $67.83 a barrel on the New York Mercantile Exchange, up 13 cents, at 9:14 a.m. in Tokyo. Total volume traded was about 79 percent below the 100-day average.
Brent crude for June delivery was at $73.99 a barrel on the London-based ICE Futures Europe exchange, up 13 cents. Prices on Tuesday fell 85 cents to $73.86 a barrel. The global benchmark crude traded at a $6.17 premium to June WTI.
Source : Bloomberg