Khaberni - Oil transactions were characterized by lackluster, on Monday, ahead of talks between the United States and Iran, with ongoing concerns about tensions between the two countries that disrupt the flow of oil and keep prices supported, while the OPEC+ group is inclined to resume production increases starting from April.
Brent crude futures dropped three cents to $67.72 a barrel after closing up 23 cents on Friday.
West Texas Intermediate crude also fell three cents to $62.86 a barrel. There will be no settlement for West Texas Intermediate crude on Monday due to the holiday.
Both indexes recorded a weekly decline last week, with Brent down about 0.5 percent, while West Texas Intermediate lost one percent, after comments on Thursday by U.S. President Donald Trump that Washington might reach a deal with Iran in the coming month led to a price drop that day.
The two countries resumed negotiations earlier this month with the aim of reaching an agreement in their decades-long dispute over Tehran's nuclear program and avoiding a new military confrontation, with a second round of talks scheduled to take place in Geneva tomorrow, Tuesday.
Reports quoting an Iranian diplomat yesterday, Sunday, said that Tehran is seeking to reach a nuclear deal with the United States that brings economic benefits to both sides, including investments in energy and mining and the purchase of airplanes under discussion.
U.S. officials reported that the United States has sent a second aircraft carrier to the region and is preparing for the possibility of a prolonged military campaign if talks fail, and the Iranian Revolutionary Guard has warned that in the event of strikes on Iranian territory, it might respond by attacking any U.S. military base.
Activities in global financial markets are expected to be weak on Monday with the market closed in China, South Korea, and Taiwan due to holidays.
