Oil prices stabilize amid the market focus on political talks between 4 countries

Oil prices stabilized today, Tuesday, after gains that lasted two days in light of the markets focus on the upcoming talks between Russia and Ukraine, as well as between America and Iran.

Brent crude futures increased to $ 65.50 a barrel by 03:00 GMT, while Texas crude futures rose to $ 62.85.

Moody’s reduced the credit rating of American sovereign debt, weakening the economic expectations of the largest energy consumer in the world and preventing oil prices from the rise, and the agency had reduced the credit rating of the sovereign debt of America on Friday, noting the concerns about the country’s increasing debts of $ 36 trillion.

Raw prices have been subjected to additional pressure due to the data that has shown the slowdown in industrial production growth and retail sales in China, the largest oil importer in the world, and prices may be affected in the short term by customs duties, American -Iranian conversations, and the state of economic uncertainty and war between Russia and Ukraine.

The market continues negotiations

Iran said that its ability to enrich uranium is “absolutely negotiable”, as part of the ongoing talks with America, and this point is a basic condition that America was trying to overcome. It may pave the way for a nuclear agreement to reduce the sanctions, including the sanctions imposed on oil exports.

Alexon X Hods analyst said: The talks of the talks are the weakest hopes of reaching an agreement that would pave the way to reduce US sanctions and allow Iran to increase its oil exports by between 300 and 400 thousand barrels per day.

Oil prices had recovered this month, after Brent crude fell by 16% during April, in the wake of a truce in the trade war between America and China, which strengthened the appetite of investors to risk, however, any references to reducing sanctions on Iran or Russia may add more barrels to a global market that already suffers from an exhibit this year.

Russian President Vladimir Putin said after a phone call with US President Donald Trump on Monday that Moscow was ready to work with Kiev on a memorandum on a future peace agreement, adding that efforts to end the war are on the right path.