Oil prices, which jumped more than 3% in the previous session, rose for the third day in a row on Tuesday, as the prospects for Iran, a major oil exporter, to return to international crude oil markets eased.
Brent crude oil futures, which rose 3% on Monday, rose 14 cents, or 0.2%, to $ 68.60 per barrel at 0400 GMT. West Texas Intermediate (WTI) futures, which gained 3.9% in the previous session, rose 8 cents to $ 66.13 a barrel.
Indirect negotiations between the US and Iran will resume this week in Vienna. A further period of time requested considering the talks of Tehran and the United Nations nuclear agency extended their monitoring agreement on the Middle East country’s atomic program.
It is worried that Iran will start selling oil soon if the sanctions on crude oil exports and other sanctions are lifted with an agreement. This has lowered prices before, but negotiations are not yet final.
USA. Foreign Minister Blinken diluted the prospect of anticipated recovery, saying there is no indication that Iran is willing to comply with nuclear commitments. While he said they were actually making progress, he said the global recovery of the COVID-19 outbreak was uneven and demand for oil was uncertain.
There is a decline in infection and mortality rates in parts of Europe and the United States. This, in turn, prompts governments to ease restrictions, but rates are still high in other regions such as India, the world’s third-largest oil importer.
New coronavirus infections in India increased by 222,315 on Monday, with official data showing the world’s largest 24-hour rise, but the numbers have dropped from over 400,000 earlier this month.
