Oil prices higher in Asia amid doubts Iran nuclear deal will happen soon
Oil prices fell about 4% Monday, with Brent crude tumbling below $100 a barrel on worries that the COVID-19 pandemic will cut demand in China
FOX Business Flash top headlines for April 11
Here are your FOX Business Flash top headlines for April 11.
Oil rose in early Asian trading Tuesday as doubts emerge about the prospects of a revived Iran nuclear deal in the near term.
Additional oil from Iran is looking less likely after Iran said the 2015 nuclear deal is alive but in the "emergency room," ANZ said in a market commentary.
The U.S. said the revival of the deal may not happen soon following new requests from Tehran, according to ANZ.
Front-month WTI crude oil futures are 1.1% higher at $95.34 per barrel.
Front-month Brent crude oil futures are 0.9% higher at $99.37 per barrel.
Oil prices rose in early Asian trading Tuesday, April 12, 2022, as doubts emerge about the prospects of a revived Iran nuclear deal in the near term.
Oil prices fell about 4% on Monday, with Brent crude tumbling below $100 a barrel on worries that the COVID-19 pandemic will cut demand in China and as International Energy Agency (IEA) countries plan to release record volumes of oil from strategic stocks.
U.S. West Texas Intermediate (WTI) closed at its lowest since Feb. 25, the day after Russian forces invaded Ukraine, an action Moscow calls a "special military operation."
Brent futures fell $4.30, or 4.2%, to settle at $98.48 a barrel, while WTI crude fell $3.97, or 4.0%, to settle at $94.29. It was the lowest close for Brent since March 16.
WORST MAY BE OVER FOR DRIVERS FILLING UP THEIR TANKS: GASBUDDY ANALYST
Fuel consumption in China, the world's biggest oil importer, has stalled with COVID-19 lockdowns in Shanghai, analysts at the Eurasia Group consultancy said. Shanghai, China's financial center, started easing lockdowns in some areas on Monday despite reporting a record of more than 25,000 new COVID-19 infections.
"Even when the restrictions in Shanghai are lifted, China's zero-Covid policies will likely remain a drag on demand," Eurasia Group said, noting Shanghai lockdowns likely reduced China's overall oil consumption by up to 1.3 million barrels per day.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
To help offset a shortfall in Russian crude after Moscow was hit with sanctions, IEA member nations, including the United States, will release 240 million barrels of oil over the next six months.
- Reuters contributed to this report.