Oil prices traded lower on Monday after an emergency meeting in Vienna regarding Iran nuclear compliance and concerns over weakening demand took the bite out of bulls.
New York-traded West Texas Intermediate crude futures fell 15 cents, or 0.3%, to $56.05 a barrel by 7:00 AM ET (11:00 GMT), while Brent crude futures, the benchmark for oil prices outside the U.S., dropped 32 cents, or 0.5%, to $63.05.
Senior Iranian nuclear negotiator Abbas Araqchi called the discussions with parties involved in the 2015 nuclear deal “constructive” and said that there were “lots of commitments” after “good” discussions.
Araqchi did however say that there were still unresolved issues and Tehran will continue to reduce nuclear commitments if Europe fails to salvage the agreement which the U.S. pulled out of.
Source : Investing.com