Oil prices decline despite prospects for stronger global economic outlook

LONDON (Reuters) – Oil prices eased on Wednesday despite prospects for stronger global economic growth as talks to revive a nuclear deal with Iran opens the possibility of an easing of sanctions on its oil exports.

Brent crude futures fell by 36 cents, or 0.6%, to $62.38 a barrel by 0843 GMT while U.S. West Texas Intermediate crude was down 36 cents, or 0.6%, at $58.97.

Prices were trading in positive territory earlier in the session, buoyed by improving economic data.

“Optimism on the global economic outlook boosted sentiment in the crude oil market,” analysts from ANZ bank said.

The International Monetary Fund on Tuesday said that unprecedented public spending to fight COVID-19 would push global growth to 6% this year, a rate not achieved since the 1970s.