Oil held losses below $68 a barrel after French PresidentEmmanuel Macron proposed negotiating a new nuclear deal with Iran to keep the U.S. on board, easing concern supply from the OPEC producer may be limited if sanctions are reinstated.
Futures in New York were little changed after dropping 1.4 percent 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 $67.57 a barrel on the New York Mercantile Exchange, down 13 cents, at 11:05 a.m. in Tokyo. Total volume traded was about 53 percent below the 100-day average.
Brent crude for June delivery was at $73.71 a barrel on the London-based ICE Futures Europe exchange, down 15 cents. Prices fell 85 cents to $73.86 a barrel on Tuesday. The global benchmark crude traded at a $6.12 premium to June WTI.
Source : Bloomberg