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EXCERPT:
Oil prices were slightly higher on Tuesday as energy market participants closely monitored the potential for fresh talks between the U.S. and Iran in Qatar.
International benchmark Brent crude futures with August delivery were last seen up 0.2% at $73.32 per barrel, erasing earlier losses. The contract, however, is on track to end June roughly $19 lower, or 20% lower than the closing session on May 29. Brent crude futures with September delivery, meanwhile, rose 0.5% at $74.29.
U.S. West Texas Intermediate futures with August delivery traded 0.5% higher at $71.08, putting the contract on course for a $16 drop, or 19% fall, from last month’s closing.
The moves come as oil traders monitor the prospect of U.S.-Iran talks in Doha on Tuesday.
U.S. President Donald Trump on Monday said talks between the two countries would take place in Qatar’s capital on Tuesday, claiming via social media that Tehran had “requested a meeting” following an exchange of strikes over the weekend.
A spokesperson for Iran’s Foreign Ministry on Monday reportedly denied that talks were scheduled over the coming days. They added that an Iranian technical delegation’s visit to Qatar this week was not related to U.S. officials visiting the country.