Oil prices steadied on Tuesday due to uncertainty in negotiations between the US and Iran, according to journalists from Investing.com. At the same time, recent government data prompted market participants to take a cautious view at China’s economic outlook, as the country remains the world’s largest oil importer.
Brent Crude for July delivery fell by 3 cents to $64.73 per barrel, while June West Texas Intermediate (WTI) contracts rose by 48 cents to $63.17. A potential agreement between the US and Iran could allow Tehran to increase its oil exports by 300,000-400,000 barrels per day if US sanctions are eased, noted StoneX analyst Alex Hodes.
Meanwhile, in China, data showing a slowdown in industrial output and retail sales put downward pressure on energy prices. This information suggests a possible decline in fuel demand within the country. However, these figures do not account for the recent 90-day tariff pause between the US and China. Earlier on Monday, Goldman Sachs reported an increase in China’s trade flows.