Crude oil prices fell just before the settlement Friday after the remaining parties to the Iran nuclear deal vowed to help normalize trade with the country.
U.S. West Texas Intermediate crude futures settled down 96 cents, or 1.6%, at $58.47 a barrel, Kallanish Energy reports. International benchmark Brent crude ended Friday’s trading session up 18 cents, or 0.27%, to $66.51/Bbl.
European parties to the Iran nuclear deal have been trying to save the pact and are trying to keep Iran from violating the deal.
Crude futures were little changed for most of Friday ahead of talks over the trade dispute between the U.S. and Chinese presidents this past weekend and on production cuts from Opec+ today.
Tensions between the U.S. and Iran have also been keeping markets skitterish. The leaders of the G20 countries met Friday and Saturday in Osaka, Japan, but the most anticipated meeting was between Trump and Chinese President Xi Jinping on Saturday.
Following the meeting, Trump said talks went better than he had expected, with renewed trade discussions now expected.
A trade war between the world’s two biggest economies has weighed on prices, fanning fears that slowing economic growth could dent demand for oil.
In addition, Opec+, which includes most members of Opec along with a number of non-Opec producers led by Russia, will hold meetings today and tomorrow in Vienna to decide whether to extend 1.2 million barrels per day in supply cuts.
This post appeared first on Kallanish Energy News.