{"id":20637,"date":"2023-06-09T18:05:12","date_gmt":"2023-06-09T22:05:12","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-ends-lower-but-above-session-lows-after-a-report-and-denial-of-progress-toward-a-u-s-deal-with-iran\/"},"modified":"2023-06-09T18:05:13","modified_gmt":"2023-06-09T22:05:13","slug":"oil-ends-lower-but-above-session-lows-after-a-report-and-denial-of-progress-toward-a-u-s-deal-with-iran","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20637","title":{"rendered":"Oil ends lower, but above session lows after a report, and denial, of progress toward a U.S. deal with Iran"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002152658\" role=\"document\">\n<p>Oil futures finished with a loss on Thursday, pressured by a report that the U.S. and Iran may be nearing a deal on Tehran\u2019s uranium enrichment and oil exports. <\/p>\n<p>Prices, however, settled above the session\u2019s lowest levels after a U.S. government official reportedly said the article was \u201cfalse.\u201d <\/p>\n<p>Traders, meanwhile, were also wary of the prospects for weaker energy demand. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for July delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-1.33%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-1.33%<\/bg-quote><\/p>\n<p>        CLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725418\/delayed\" class=\"negative\">-1.33%<\/bg-quote><br \/>\n       fell $1.24, or 1.7%, to settle at $71.29 a barrel on the New York Mercantile Exchange, the lowest front-month contract finish in a week. It traded as low as $69.03 during the session.<\/p>\n<\/li>\n<li>\n      August Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.28%<\/bg-quote><\/p>\n<p>        BRNQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705493\/delayed\" class=\"positive\">+0.28%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, shed 99 cents, or 1.3%, to $75.96 a barrel on ICE Futures Europe, the lowest finish since June 1.<\/p>\n<\/li>\n<li>\n      Back on Nymex, July gasoline<br \/>\n        RBN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376520\/delayed\" class=\"negative\">-0.59%<\/bg-quote><br \/>\n       declined by 1.1% to $2.61 a gallon, while July heating oil<br \/>\n        HON23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376439\/delayed\" class=\"negative\">-1.07%<\/bg-quote><br \/>\n       lost 0.5% to $2.39 a gallon.<\/p>\n<\/li>\n<li>\n      July natural gas<br \/>\n        NGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210191117\/delayed\" class=\"negative\">-3.83%<\/bg-quote><br \/>\n       tacked on 1% to $2.35 per million British thermal units.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil futures fell on Thursday, with analysts attributing the decline to a report from the Middle East Eye, a London-based news site, that said the U.S. and Iran are nearing a temporary deal that would offer some sanctions relief in return for Iran reducing uranium enrichment activities. The report cited two sources with direct knowledge of the talks. <\/p>\n<p>Terms of the deal would include Iran ceasing its 60% and beyond uranium enrichment activities and in return, it would be allowed to export up to a million barrels of oil a day, the report said. <\/p>\n<p>Other news reports have cited progress in the negotiations in recent days. <\/p>\n<p>\u201cIt is an emotional reaction at this point\u201d for oil, said Phil Flynn, senior market analyst at The Price Futures Group. The reality is that the news would be \u201cnot as bearish because it is no big secret that Iran has been selling its oil anyway,\u201d he said. <\/p>\n<p>A spokesperson for the White House National Security Council, however, called the report \u201cfalse and misleading,\u201d according to Reuters.  <\/p>\n<p>Worries about energy had already been pressuring prices in Thursday dealings ahead of the news developments.<\/p>\n<p>\u201cThe reality is that it is the demand equation that matters the most,\u201d said Naeem Aslam, chief investment officer at Zaye Capital Markets, in market commentary.<\/p>\n<p>\u201cYes, OPEC is playing an important active role in the market and must never take their eyes off this important aspect,\u201d he said. Last weekend, the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, extended their previously announced production cuts into 2024 and Saudi Arabia volunteered to cut its own output by 1 million barrels a day in July.<\/p>\n<p>But \u201cwhat the world needs is more demand,\u201d said Aslam. <\/p>\n<p>Natural-gas futures, meanwhile, gave up early gains Thursday to finish higher, after the U.S. Energy Information Administration reported on Thursday that U.S. natural-gas supplies in storage rose by 104 billion cubic feet for the week ended June 2. Analysts called for a storage increase of 114 billion cubic feet on average, according to a survey conducted by S&amp;P Global Commodity Insights. <\/p>\n<p>The data, however, included revisions to figures tied to reclassifications of some natural gas in storage from working gas to base gas. Working gas is the volume of gas available in the market, while base gas is defined as the amount of natural gas that\u2019s needed to maintain adequate reservoir pressures and deliverability rates through the supply withdrawal season.  <\/p>\n<p>The EIA\u2019s reclassifications resulted in decreased working gas stocks of 14 bcf last week in the nonsalt South central region, so the implied flow for the week is an increase of 118 bcf to working gas stocks, the EIA said.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-aim-for-back-to-back-gains-bec9f963?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures finished with a loss on Thursday, pressured by a report that the U.S. and Iran may be nearing a deal on Tehran\u2019s uranium enrichment and oil exports. Prices, however, settled above the session\u2019s lowest levels after a U.S. government official reportedly said the article was \u201cfalse.\u201d Traders, meanwhile, were also wary of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-20637","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil ends lower, but above session lows after a report, and denial, of progress toward a U.S. deal with Iran | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures finished with a loss on Thursday, pressured by a report that the U.S. and Iran may be nearing a deal on Tehran\u2019s uranium enrichment and oil\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=20637\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil ends lower, but above session lows after a report, and denial, of progress toward a U.S. deal with Iran | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Oil futures finished with a loss on Thursday, pressured by a report that the U.S. and Iran may be nearing a deal on Tehran\u2019s uranium enrichment and oil\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=20637\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-09T22:05:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-09T22:05:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/1682805734_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=20637#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=20637\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Oil ends lower, but above session lows after a report, and denial, of progress toward a U.S. deal with Iran\",\"datePublished\":\"2023-06-09T22:05:12+00:00\",\"dateModified\":\"2023-06-09T22:05:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=20637\"},\"wordCount\":642,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=20637#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=20637\",\"url\":\"https:\/\/ifintechworld.com\/?p=20637\",\"name\":\"Oil ends lower, but above session lows after a report, and denial, of progress toward a U.S. deal with Iran | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-06-09T22:05:12+00:00\",\"dateModified\":\"2023-06-09T22:05:13+00:00\",\"description\":\"Oil futures finished with a loss on Thursday, pressured by a report that the U.S. and Iran may be nearing a deal on Tehran\u2019s uranium enrichment and oil\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=20637#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=20637\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=20637#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil ends lower, but above session lows after a report, and denial, of progress toward a U.S. deal with Iran\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil ends lower, but above session lows after a report, and denial, of progress toward a U.S. deal with Iran | iFintechWorld","description":"Oil futures finished with a loss on Thursday, pressured by a report that the U.S. and Iran may be nearing a deal on Tehran\u2019s uranium enrichment and oil","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=20637","og_locale":"en_US","og_type":"article","og_title":"Oil ends lower, but above session lows after a report, and denial, of progress toward a U.S. deal with Iran | iFintechWorld","og_description":"Oil futures finished with a loss on Thursday, pressured by a report that the U.S. and Iran may be nearing a deal on Tehran\u2019s uranium enrichment and oil","og_url":"https:\/\/ifintechworld.com\/?p=20637","og_site_name":"iFintechWorld","article_published_time":"2023-06-09T22:05:12+00:00","article_modified_time":"2023-06-09T22:05:13+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/1682805734_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=20637#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=20637"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Oil ends lower, but above session lows after a report, and denial, of progress toward a U.S. deal with Iran","datePublished":"2023-06-09T22:05:12+00:00","dateModified":"2023-06-09T22:05:13+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=20637"},"wordCount":642,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=20637#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=20637","url":"https:\/\/ifintechworld.com\/?p=20637","name":"Oil ends lower, but above session lows after a report, and denial, of progress toward a U.S. deal with Iran | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-06-09T22:05:12+00:00","dateModified":"2023-06-09T22:05:13+00:00","description":"Oil futures finished with a loss on Thursday, pressured by a report that the U.S. and Iran may be nearing a deal on Tehran\u2019s uranium enrichment and oil","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=20637#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=20637"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=20637#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Oil ends lower, but above session lows after a report, and denial, of progress toward a U.S. deal with Iran"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/20637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20637"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/20637\/revisions"}],"predecessor-version":[{"id":20638,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/20637\/revisions\/20638"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/2118"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}