Pedro Goncalves writes:<\/p>\n
Oil prices slipped as traders assessed the implications of diplomatic overtures on multiple fronts \u2013including Russia-Ukraine peace talks and US-Iran nuclear negotiations \u2013 while a cautious outlook for China\u2019s economy further dampened sentiment.<\/p>\n
Brent crude futures (BZ=F<\/a>) lost 0.7% to $65.11 a barrel, while West Texas Intermediate futures (CL=F<\/a>) retreated 0.7% to $62.25 a barrel.<\/p>\n The possibility of a ceasefire between Russia and Ukraine has raised expectations of a more stable supply outlook, while ongoing negotiations between Washington and Tehran over Iran\u2019s nuclear programme added further complexity to the demand-supply calculus.<\/p>\n Discussions over the nuclear deal appeared to hit an impasse on Monday. Iran\u2019s deputy foreign minister, Majid Takhtravanchi, was quoted by state media as saying talks would \u201clead nowhere\u201d if the US continued to demand that Tehran entirely halt uranium enrichment.<\/p>\n The comments followed remarks from US special envoy Steve Witkoff, who reiterated on Sunday that Washington would require any new agreement to prohibit enrichment \u2013 seen as a key step in the development of nuclear weapons.<\/p>\n A deal would have paved the way for the easing of US sanctions and allowed Iran to raise oil exports by 300,000 barrels to 400,000 barrels per day, StoneX analyst Alex Hodes said.<\/p>\n Such a deal would have paved the way for an easing of US sanctions, potentially allowing Iran to increase its crude exports by 300,000 to 400,000 barrels per day, according to Alex Hodes, an analyst at StoneX.<\/p>\n Adding to bearish pressure was fresh data from China, the world\u2019s largest oil importer, showing a slowdown in industrial production and retail sales. The weaker-than-expected figures reinforced concerns about the country\u2019s near-term demand for fuel.<\/p>\n BMI analysts projected a year-on-year fall of 0.3% in Chinese oil consumption in 2025, citing a broad-based slowdown across oil product categories.<\/p>\n \u201cEven if China adopts stimulus measures, it may take time to have a positive impact on oil demand,\u201d they added.<\/p>\n","protected":false},"excerpt":{"rendered":"Pedro Goncalves writes: Oil prices slipped as traders assessed the implications of diplomatic overtures on multiple fronts \u2013including…\n","protected":false},"author":2,"featured_media":116834,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[748,393,1880,4884,7779,807,1144,712,16,15,1764],"class_list":{"0":"post-116833","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uk","8":"category-united-kingdom","9":"tag-britain","10":"tag-england","11":"tag-ftse-100","12":"tag-great-britain","13":"tag-house-of-commons","14":"tag-keir-starmer","15":"tag-northern-ireland","16":"tag-scotland","17":"tag-uk","18":"tag-united-kingdom","19":"tag-wales"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114539715981587265","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/116833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=116833"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/116833\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/116834"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=116833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=116833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=116833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}