Tuesday, 26 September 2023 03:11 GMT

UK- Brent crude steady as traders wait on US stockpiles stats

(MENAFN- ProactiveInvestors)Brent crude prices remain pegged around the US$64 marker on Wednesday as traders await the latest snapshot of the US oil market. Experts expect today's crude inventory report from the US energy department to show another reduction in the American surplus. If the prediction is confirmed it will represent an eighth straight weekly draw on stockpiles. Corresponding weekly figures from the American Petroleum Institute released yesterday showed a 3.2mln barrel reduction. In London trading Brent Crude was down slightly at US$64.30 while West Texas Intermediary futures were mostly unchanged just beneath US$61 per barrel. Elsewhere there remains attention on Iran as a deadline on diplomacy approaches. If an agreement can be reached over Iran's nuclear programmes there would also be the possibility of a significant step-up in the country's oil export volumes (as international sanctions could be lifted). Iran could ramp up its crude output by about 500000 barrels in a matter of weeks of such a decision should international markets open-up for the country again. Nevertheless it remains uncertain whether agreements can be made before June 30.

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