Oil Prices Slump on Weaker Demand Forecasts and Deadlocked US-Iran Talks
Oil prices eased on Thursday after gains in previous sessions, as attention turned to expectations of weaker global oil demand this year. Brent futures slipped 42 cents, or 0.47%, to $88.56 a barrel by 0405 GMT.
US West Texas Intermediate (WTI) crude fell 55 cents, or 0.66%, to $82.72 after advancing over the past five sessions. The weaker demand outlook countered supply concerns in the Middle East, where there was no progress on opening the vital Strait of Hormuz.
A senior Iranian source said on Wednesday that there had been no progress in talks to revive an interim deal agreed in June and define a timeframe to implement it. ING analysts noted, 'There was little in the way of fresh developments between the US and Iran, with both sides remaining in a deadlock.'