Global Oil Prices Remain Stable

Oil prices saw little change on Tuesday as traders weighed the potential collapse of U.S.-Iran nuclear talks against strong physical demand in Asia for the first month of the year and cautious macroeconomic expectations regarding China.اضافة اعلان

According to Bloomberg Economics, Brent crude futures fell by 6 cents to $65.48 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose by 1 cent to $62.70 per barrel.

Prices were supported by expectations of short-term demand growth, fueled by solid refining margins in Asia.

Refining margins in Singapore—a key regional benchmark—averaged over $6 per barrel for May, up from an April average of $4.40 per barrel, according to data from the London Stock Exchange.

However, Moody’s downgrade of the U.S. sovereign credit rating has weakened economic forecasts for the world’s largest energy consumer, contributing to a decline in oil prices.

—(Petra)