Oil prices see-saw amid hopes of new Iran deal, supply woes linger
Crude prices declined in volatile trading on Thursday as investors assessed the potential for new supply in the tight markets amid prospects of a new Iran deal.
Brent futures were down 58 cents, or 0.48%, at $121.02 a barrel and U.S. West Texas Intermediate futures fell 96 cents, or 0.84%, to $113.97 a barrel at 0502 GMT. Both contracts rose $2 and $1, respectively, in early trade.
White House national security adviser Jake Sullivan said on Wednesday the United States and its allies have made progress in Iran nuclear talks but issues remain.
“A lifting of Iranian export restrictions would help alleviate the immense tightness prevalent in crude markets right now,” consultancy JBC Energy said in a note.
