Oil prices fall following emergency talks on nuclear agreement


Oil prices fell on Monday in Asia after Iran said an emergency meeting on its 2015 nuclear deal was constructive.

U.S. Crude Oil WTI Futures fell 0.2% to $56.09 by 1:02 AM ET (05:02 GMT). International Brent Oil Futures dropped 0.4% to $63.13.

“The atmosphere was constructive. Discussions were good. I cannot say that we resolved everything, I can say there are lots of commitments,” Araqchi, the senior Iranian nuclear negotiator, told reporters on Sunday.

However, citing Araqchi, Reuters reported that Tehran might continue to reduce its nuclear commitments if European fail to salvage the pact.

Oil markets inched up last week, with WTI ended the week up just 0.5% while the Brent 1.0%.

Looking ahead, commodities traders will focus on the upcoming Federal Reserve meeting due on July 30-31. Markets expect the Fed to cut rates by at least 25 basis points at the meeting.

U.S. July jobs report, due on Friday, and other macroeconomic data including the China manufacturing and non-manufacturing PMIs on Wednesday are also expected to receive some focus.

On the Sino-U.S. trade front, Chinese and U.S. officials will meet Tuesday for two days of trade talks, according to reports. It is suggested neither side is expecting much hope for a breakthrough.

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