Oil Climbs As Iran Nuclear Talks Turned Off

Crude oil gained 0.64 cents on Friday and trades at $87.25 versus Thursday’s close at $86.61. Crude prices rallied, on Friday, on the US session’s weaker dollar, declining US oil rigs by 9, in addition to retreating US-Iran talks. The US State Department said that the latest Iranian response in the ongoing talks on the nuclear program was “not constructive”.

A bearish factor for crude is the outlook for reduced crude demand in China, the world’s largest crude importer. Chinese authorities ordered the lockdown of Chengdu city, with 21 million people, because of Covid infections.

Crude prices were undercut Tuesday when Russia’s Tass media outlet reported that OPEC+ is not currently discussing a potential cut in crude production.