[원유마감]WTI 1.2%↑… White House, Iran nuclear talks “long process”

Representatives of the parties to Iran’s nuclear negotiations started in Vienna, Austria © AFP=News1

International oil prices have rebounded.

Futures for May delivery of Western Texas Crude Oil (WTI) in the US on the 6th (local time) rose 68 cents (1.2%) to $59.93 per barrel.

North Sea Brent Oil’s June contract was signed at $62.74 per barrel, up 59 cents (1%).

Oil prices turned higher on the day as Iran’s nuclear negotiations in Vienna, Austria, suffered more difficulties than expected. The day before, oil prices plummeted by nearly 5% on the prospect that the US would return to an agreement on Iran’s nuclear program within two months. Concerns arose that if the US lifts Iranian sanctions, Iranian crude oil could spill into the market.

However, the atmosphere has been reaffirmed that negotiations between the United States and Iran are not so easily resolved. The White House said it expected a “long process” to return to Iran’s nuclear agreement.

Iran demanded the first lifting of economic sanctions, but the United States reportedly made a proposal to lift its $1 billion frozen assets if it stops Iran’s 20% enriched uranium production. Iran rejected the US offer, Bloomberg said.

However, this meeting is not without results. According to the New York Times (NYT), the United States and Iran agreed to form a working-level consultative body between the two countries to negotiate a return to the nuclear agreement reached in 2015.

China, the United Kingdom, France, Germany and Russia, the parties to the Iran nuclear agreement concluded in 2015, held a meeting at a hotel in Vienna to restore the Comprehensive Action Plan (JCPOA). The U.S. withdrew from JCPOA in 2018 and held indirect talks with Iran through mediation by the European Union (EU). The meeting is scheduled to resume on the 9th.

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