Oil prices steady as investors eye US-Iran nuclear talks
Oil prices edged down on Thursday, after rallying on an unexpected drop in US crude inventories in the previous session, as investors await the outcome of US-Iran nuclear talks that could add crude supplies quickly to global markets.
Brent crude futures slid 7 cents, or 0.1 per cent, to $91.48 a barrel at 0425 GMT, while US West Texas Intermediate crude was at $89.62 a barrel, down 4 cents.
Robust demand recovery from the coronavirus pandemic has kept global oil supplies snug, with inventories at key fuel hubs globally hovering at multi-year lows.
US crude inventories fell 4.8 million barrels in the week to Feb. 4, dropping to 410.4 million barrels – their lowest for commercial inventories since October 2018, the Energy Information Administration said. Analysts in a Reuters poll had forecast a 369,000-barrel rise.
