Oil prices were little changed today as investors assessed the impact on the market of upcoming talks between the US and Iran aimed at easing tensions on the back of an expected increase in OPEC+ supplies.
Brent crude oil futures rose 3 cents to $67.78 a barrel. US West Texas Intermediate crude oil rose 2 cents per barrel with no West Texas Intermediate crude settlement today. Because I’m on vacation in the US.
risk premium
Both indexes posted weekly losses last week, with Brent crude oil down about 0.5%, while West Texas Intermediate crude oil fell 1%. Prices fell on the day after US President Donald Trump said a deal could be reached with Iran within the next month.
“The market has reacted pretty well to these reports, and without the geopolitical risk premium and support, oil prices would have been below $60 this morning,” IG market analyst Tony Sycamore said of West Texas Intermediate crude.
There was no major change in oil prices today as investors assess the market impact of upcoming US-Iran talks aimed at easing tensions on the back of expected OPEC+ supply increases.
Brent crude oil futures rose 3 cents to $67.78 a barrel. West Texas Intermediate (WTI) crude oil rose 2 cents per barrel, with no WTI settlements taking place today due to the US holiday.
risk premium
Last week, both benchmarks posted weekly losses, with Brent down about 0.5% and WTI down 1%. This followed US President Donald Trump’s remarks that Washington could reach a deal with Iran within the next month, leading to a drop in prices on the day.
“The market has reacted pretty well to these reports and without the geopolitical risk premium and support oil prices would have been below $60 this morning,” IG market analyst Tony Sycamore said of West Texas Intermediate.
