Possible US-Iran Nuclear Talks Leaves Oil Mixed – 9 February, 2022

Oil prices were mixed after a sudden drop in U.S. inventories as investors await the results of a U.S.- Iran nuclear talk that may add supplies to the global market. Brent crude futures fell 0.1% or 10 cents to $91.45 per barrel. U.S. West Texas intermediate crude was 8 cents higher at $89.74 per barrel. Demand recovery due to the pandemic kept global oil supplies tight with global fuel hubs hovering near multi-year lows. U.S. crude inventories dropped by 4.8 million barrels during the first week of February, their lowest since October 2018, falling to 410.4 million barrels according to the Energy Information Administration. A deal between the U.S. and Iran could lift U.S. sanctions on Iranian oil and ease global supply tightness.