Oil slips on Iran hopes, rising U.S. stockpiles

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i7V0MZsGO7U8Brent oil slipped further towards 106 dollars a barrel on Wednesday on optimism over nuclear talks with Iran, a resumption of Libyan crude supply and rising stockpiles in the U.S.

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World powers aim to reach a preliminary agreement to curb Iran’s nuclear programme in talks resuming in Geneva on Wednesday.

A deal may involve easing sanctions on the OPEC producer that could lead to a rise in its crude exports.

Russia is hopeful that the talks will produce a preliminary deal, Foreign Minister Sergei Lavrov said.

Supreme Leader Ayatollah Ali Khamenei said Iran would not step back from its nuclear rights and his negotiating team had been set limits for the talks.

Bjarne Schieldrop, chief commodity analyst at SEB, said the comments from Iran’s supreme leader were “not a great start” to the second round of negotiations.

He , however, said that he was still optimistic that the talks would yield a positive outcome.

“I think, despite his statements, the probability of reaching an interim deal looks quite good,” Schieldrop said.

Brent crude for January  was down 30 cents at 106.62 dollars a barrel by 1128 GMT after posting its biggest daily fall in nearly two weeks on Tuesday as Libya resumed some oil exports.

Brent was on track for its biggest weekly fall in a month.

The U.S. crude contract for December, which expires later on Wednesday, was up 10 cents at 93.44 dollars a barrel.

It ended the previous session up 0.3 per cent after hitting a five-and-a-half-month intraday low of 92.43 dollars. (Reuters/NAN)

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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