New York August 25 2022: Oil prices eased on Thursday in volatile trade as investors braced for the possible return of sanctioned Iranian oil exports to the market and on worries that rising U.S. interest rates would weaken fuel demand.
The prospect that the OPEC+ producer group could curb oil supplies limited the decline in oil prices.
Brent crude fell 4 cents to $101.18 a barrel by 11:41 p.m. EDT 1541 GMT, while U.S. West Texas Intermediate crude fell 33 cents, or 0.4%, to $94.56 a barrel.
Talks between the European Union, the United States and Iran to revive the 2015 nuclear deal are continuing, with Iran saying it had received a response from the United States to the EU’s “final” text to resurrect the agreement.
Investors also were waiting for scheduled remarks on Friday by U.S. Federal Reserve Chair Jerome Powell, who is expected to Kansas City Fed’s Economic Policy Symposium in Jackson Hole, Wyoming.
