Oil prices fell on Thursday but stayed within the tight range they have been in all week, as optimism on the summer driving season in the United States and Europe offset concerns about demand in India and a potential supply increase from Iran. Brent crude fell 44 cents, or 0.6%, to $68.43 a barrel at 0220 GMT, erasing Wednesday’s gain of 22 cents. Brent has traded between $68 and $69 for most of this week. U.S.
West Texas Intermediate (WTI) crude fell 43 cents, or 0.7%, to $65.78 a barrel, after a rise of 14 cents on Wednesday, but still in the $65-$66 range it has been this week. “Markets remain focused on the Iranian nuclear talks and whether sanctions on oil exports are lifted in full, and when,” Citi analysts said in a note.
That will be a big issue for the next meeting of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, on June 1, where producers will have to assess whether to change their plans for easing production curbs against the prospect of Iranian supply returning to the market. [REUTERS]
