Oil prices fall on report of possible Iran-U.S. deal

Xinhua
09 Jun 2023, 03:14 GMT+10

NEW YORK, June 8 (Xinhua) -- Crude oil futures prices dropped on Thursday on a report of a possible deal between Iran and the United States.

The West Texas Intermediate (WTI) for July delivery lost 1.24 U.S. dollars, or 1.71 percent, to settle at 71.29 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery fell 0.99 dollars, or 1.29 percent, to settle at 75.96 dollars a barrel on the London ICE Futures Exchange.

The United States and Iran are close to reaching a temporary deal allowing Iran to export 1 million barrels of oil each day, according to a report by London-based news site the Middle East Eye on Thursday.

Oil prices tanked on the news but pared part of the losses after the U.S. side said the news was "false and misleading."

That oil failed to break back into the band it was trading in between December 2022 and March 2023 despite a further cut from Saudi Arabia says everything about traders' views on the economy, said Craig Erlam, senior market analyst at OANDA, a supplier of online multi-asset trading services.

"Resilience in the economy now is impressive but the longer it lasts, the more it will be met with higher interest rates that could ultimately deliver a harder landing," added Erlam.

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