Oil little changed as investors eye Iran-US talks, China data

May 20 ------ Oil prices were little changed with investors eyeing the outcome of Iran-U.S. nuclear talks and key economic data due from China to assess the impact on its commodities demand following trade tensions with the United States. Brent crude futures edged down 5 cents to $65.36 a barrel by 0022 GMT while U.S. West Texas Intermediate crude was at $62.52 a barrel, up 3 cents.  

The front-month June WTI contract expires on Tuesday, and the more active July contract fell 4 cents to $61.93 a barrel. Both contracts rose more than 1% last week after the U.S. and China, the world's two biggest economies and oil consumers, agreed to a 90-day pause on their trade war during which both sides would sharply lower trade tariffs. 

China is due to release a slew of data, including industrial output, later on Monday. "Any sign of weakness could weaken sentiment that was boosted by the U.S. pause on Chinese tariffs," ANZ analysts said in a note. The uncertainty over the outcome of Iran-U.S. nuclear talks also supported oil prices. 

U.S. special envoy Steve Witkoff said on Sunday that any deal between the United States and Iran must include an agreement not to enrich uranium, a comment that swiftly drew criticism from Tehran. "There was a lot of hope being built into those talks,". 

Source: economictimes.indiatimes.com