Oil falls before Iran nuclear deal talks while coronavirus risks weigh
Oil slid ahead of talks this week between world powers to salvage a nuclear deal with Iran, while rising virus cases in parts of the world such as India muddied the demand outlook.
Futures in New York fell as much as 3 per cent on Monday. Iran, the European Union and the US are set to gather in Vienna on Tuesday to discuss the potential resurrection of the 2015 Nuclear deal, presenting a possible path toward removing sanctions on the Middle Eastern country’s oil exports. Yet, Iran indicated talks won’t succeed without the US fully removing sanctions.
Meanwhile, governments around the world are struggling to control the spread of Covid-19, which is denting the near-term trajectory of a rebound in oil consumption.
