FX.co ★ Oil Edges Higher Amid Uncertainty in US-Iran Talks

On Tuesday, West Texas Intermediate (WTI) crude oil futures increased, reaching approximately $62.3 per barrel, as uncertainty surrounding the US-Iran nuclear negotiations intensified. Iran's Deputy Foreign Minister, Majid Takhtravanchi, stated on Monday that discussions between Iran and the United States will reach a stalemate unless Washington stops demanding a full cessation of Tehran’s uranium enrichment activities. Concurrently, US President Donald Trump noted that Russia and Ukraine are set to "immediately" enter ceasefire negotiations following a recent conversation with Russian President Vladimir Putin. This potential ceasefire could lead to enhanced Russian oil exports if sanctions are relaxed, possibly limiting further increases in oil prices. Additionally, oil prices faced downward pressure from Moody's decision to downgrade the US sovereign credit rating, igniting concerns about the economic outlook of the world's largest oil consumer. Furthermore, slower growth in China’s industrial production and retail sales—China being the top global oil importer—contributed to the existing bearish sentiment.