Oil Little Changed as Investors Weigh Iran Talks, Demand Bump
- Negotiations between Tehran, world powers continue in Vienna
- Domestic oil inventories fell 439,000 barrels last week: API
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Oil inched up with the prospect of a continued recovery in demand offsetting some concerns around higher Iranian supplies if sanctions on the country’s exports are loosened.
West Texas Intermediate closed higher after switching between gains and losses in about a $1-a-barrel trading range on Tuesday. Expectations for a pick-up in demand as the U.S. summer driving season begins this month as well as signs of improving mobility in Europe are keeping prices supported. Meanwhile, talks between Iran and other nations continued in Vienna to resolve outstanding issues on a nuclear accord, which may pave the way for the removal of sanctions on crude flows from the Persian Gulf nation.