Oil down with Ukraine crises, Iran nuclear deal nearing completion
Oil prices fell on Monday based on investor optimism of a resolution to the Ukraine crisis should a meeting take place between US and Russian participants and the likelihood of Iranian oil returning to the market as the nuclear deal nears completion.
International benchmark Brent crude was trading at $91.09 per barrel at 0649 GMT with a 0.32% loss after closing the previous session at $91.39 a barrel.
American benchmark West Texas Intermediate (WTI) traded at $89.85 per barrel at the same time for a 0.39% decrease after ending the previous session at $90.21 a barrel.
Oil prices saw price slumps at the start of the week in hopes of an outcome from potential talks on the Ukraine crisis between US President Joe Biden and his Russian counterpart Vladimir Putin.
Expectations that the Iran nuclear deal negotiations in the Austrian capital Vienna will conclude soon, releasing sanctions on Iran and opening the way for up to 900,000 barrels per day of Iranian crude on the global market also shot prices down.
A senior EU official, speaking under the condition of anonymity, said the talks are "really very much in the latest stage" and "most of the issues are agreed."
However, the source warned that "nothing is agreed until everything is agreed," and said it was impossible to say whether the partners would strike a final agreement in the next few days.
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