The oil prices They fell on Monday, weighed down by the prospect of talks between Iranian and American officials, while US President Donald Trump appeared confident about the possibility of an agreement.
The price of crude oil North Sea Brentfor delivery in April, fell 4.36% to $66.30.
The barrel of West Texas Intermediate (WTI), for delivery in March, lost 4.71% to $62.14.
This “reflects a decrease in the geopolitical risk premium, which had driven prices higher as the market anticipated US action capable of threatening oil supply in the Persian Gulf,” say analysts at Eurasia Group.
After shaking the threat of military intervention and send a dozen ships to the Gulf, Trump stated on Sunday that he hoped to “reach an agreement” with Iran.
For its part, Tehran said Monday that it is preparing for talks with Washington over its nuclear program.
For JPMorgan analysts, the risk premium applied at the end of last week was around six dollars per barrel.
“The risk linked to US attacks against Iran will not disappear without diplomatic progress,” warn Eurasia Group experts.
On the other hand, the Organization of Petroleum Exporting Countries (OPEC) confirmed on Sunday that there would be no changes to its production in March.
This could indicate that “the cartel does not expect oil prices to stabilize around $70” (the price Brent reached at the end of last week), but rather at a lower level, according to Arne Lohmann Rasmussen, an analyst at Global Risk Management.
Finally, the negotiations between kyiv, Moscow and Washingtonwhich will resume on Wednesday in Abu Dhabi (United Arab Emirates), have taken a back seat.
But a resolution of the conflict in Ukraine would lead to the lifting of US sanctions against Russia, which would facilitate exports of its crude oil.
