Stalled US-Iran Talks Weigh on Oil Prices Amid Gulf Export Recovery
Oil prices have consolidated in early Asian trading on Thursday as traders weigh stalled talks between the US and Iran against a recovery in exports of the Middle East.
Brent oil trades near $101 while WTI oil stood near $90, with supply concerns supporting crude oil prices but improved crude oil flows limiting further gains.
The market now waits for clear signs of any progress in negotiations. The recovery of supply still remains uneven, with crude flows in the Middle East approaching pre-conflict levels but supplies of fuel recovering more slowly.
WTI Crude Oil Forecast: Break Above $93 Could Put $104 in View
The key support in WTI is at $87, with a daily close above $93 required to push prices further towards the $104 region. However, a daily close below $87 would indicate further downside towards the $82 area.