The US and Iran have just weeks to decide whether they want to revive their nuclear deal, after European Union diplomats presented parties with a final draft accord.Ĭhina’s imports of commodities in July offered some tentative signs of a demand recovery after the sharp slump earlier this year, but analysts said annual import levels are still depressed. West Texas Intermediate for September delivery fell 26 cents to settle at $90.50 a barrel in New YorkĪlso weighing on trading is the potential return of Iranian oil to the market.Brent for October settlement slipped 34 cents to settle at $96.31 a barrel.European natural gas prices rose about 6. The US government lowered its estimated crude oil production forecast for 2023 slightly on Tuesday. They eased early in the day as traders took note of reports that Russian officials remained willing to negotiate a potential settlement before climbing again in the afternoon. There is no room for error, in terms of supplies, or additional disruptions,” he added.Īvenues for incremental supply additions continue to look restricted. “Concerns over the global economy remain a significant headwind, however. The halt in Russian flows “is a reminder of the global supply fragility,” said John Kilduff, founder and CEO of Again Capital. Weakness in equity markets also limited oil’s gains. Yet prices also fell to the lowest since February last week on global economic growth concerns. The disruption to Russian oil supplies is a reminder of the risks to production in a market that’s been grappling with scant spare capacity.
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Europe is going to figure out how to allow the payments that were behind that disruption, he added.įlows via Druzhba’s northern leg, which supplies Germany and Poland, remain unaffected, Transneft said, adding that the company is working on alternative options for the transfer of funds.įutures have been volatile in recent days, staying true to typically thin-volume summer trading. “Energy traders faded the rally that stemmed from the halting of oil shipments because it wasn’t triggered by an escalation from the Russians,” said Ed Moya, senior market analyst at Oanda Corp. Prices reversed gains in part after Czech state-owned oil pipeline operator Mero said crude supplies via the southern portion of the link should resume “within several days.” That section of the network usually carries about 250,000 barrels a day, Transneft data show. 4 as sanctions blocked payment of Moscow’s transit fee. Russia’s Transneft said Ukraine halted flows through its Druzhba pipeline toward Hungary, the Czech Republic and Slovakia on Aug. Oil futures ended slightly lower Tuesday, reversing earlier gains, on indications that Russian crude shipments via the southern leg of a major pipeline to Europe may resume in a few days after being suspended.īenchmarks Brent and West Texas Intermediate crude slipped after swinging about 2% in each direction earlier in the session.
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