Oil prices decline amid anticipation of US-Iran talks and Chinese economic data

Oil prices fell during trading today, amid market anticipation of the outcome of the nuclear talks between the US and Iran, along with awaiting the release of important economic data from China to assess its impact on commodity demand, amid ongoing trade tensions with Washington.

Brent crude futures fell by about 0.55% to $65.05 per barrel, while US West Texas Intermediate (WTI) crude futures fell by 0.5% to $62.15 per barrel.

Both crudes had gained more than 1% last week, supported by the agreement between the United States and China, the world’s two largest economies and oil consumers, to de-escalate trade tensions for 90 days, including a significant reduction in tariffs.

China is scheduled to release economic data later today, including industrial production figures, amid widespread anticipation in the markets. Analysts at ANZ Bank noted that any negative signals in Chinese data could undermine the optimism generated by the trade truce with the United States.