Market Drivers – European Session 9-2-2022

Oil prices stabilized at around $90 a barrel on Wednesday, but the prospect of increased supplies from Iran and the United States kept prices under pressure.

Brent crude futures fell 36 cents, or 0.4 percent, to $90.42 a barrel by 1150 GMT.

West Texas Intermediate crude fell 43 cents, or 0.4 percent, to $88.93 a barrel.

Both benchmarks fell 2 percent on Tuesday as Washington resumed indirect talks with Iran on reviving the 2015 nuclear deal.

A deal could lead to the lifting of US sanctions on Iranian oil exports and the addition of rapid supplies to the market, but there are still unresolved issues.

British Prime Minister Boris Johnson said on Wednesday that they will trigger Article 16 if the European Union doesn’t show common sense on the Northern Ireland protocol, as reported by Reuters.

Gold prices were little changed on Wednesday as falling US Treasury yields ahead of the widely expected strong inflation data kept gold investors on the lookout.

And the price of gold in spot transactions rose 0.1 percent to $ 1827.20 an ounce, and US futures settled at $ 1828.40.