Oil prices lost nearly $1 in early trade on Thursday on expectations of a potential Iran nuclear deal, while an unexpected build in US crude oil inventories last week heightened investor concerns about oversupply.
Iran's foreign minister confirmed that a meeting with Germany, France and Britain is set to take place in Istanbul on Friday, as Trump expressed optimism about the nuclear talks.
It has proposed the creation of a joint nuclear-enrichment venture involving Arab countries and the US as an alternative to demand that it dismantle its nuclear programme, according to people familiar with the plan.
The OPEC+ has been increasing supply, although an OPEC report on Wednesday trimmed forecast for growth in oil supply from the States and other producers outside the group this year.
US crude stocks rose due to rising oil imports, while gasoline and distillate inventories fell last week ahead of summer driving season which typically begins on Memorial Day weekend, according to the EIA.
China reported a slight increase in imports for the first four months of 2025. The rise in imports is largely directed toward commercial and strategic storage, as refiners capitalise on lower prices.
Brent crude is still capped by 50 EMA, with the chart pointing to a moderately bearish bias. If the price decisively falls below $63.59, we see it test $62.50 in a short span of time.
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