Oil Rallies in Choppy Trading Amid Iran Uncertainty, Thin Volume
- WTI closes above $90 for first time in three trading sessions
- Goldman Sachs reduces near-term Brent forecasts, sees rebound
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Oil climbed the most in over a week during a volatile summer session as investors continue to weigh US-Iran nuclear deal talks and the potential hit to demand from an economic slowdown.
West Texas Intermediate futures topped $90 a barrel on Monday amid a return of bullish sentiment after a recent oil rout. Uncertainty around Iranian supply aided crude’s drift higher in a market where shortages have been exacerbated by sanctions on Russian energy. A draft text to revive the 2015 nuclear deal has been tabled by the European Union, and the US and Iran have have a matter of weeks to now decide whether to accept it, European officials with knowledge of the negotiations said on Monday.