Oil prices rise as storm forms in Gulf, doubts emerge on Iran deal By Reuters

© Reuters. FILE PHOTO: A closed petrol pump is seen in Chuquiaguillo, on the outskirts of La Paz, Bolivia, November 17, 2019. REUTERS/David Mercado

By Jessica Jaganathan

SINGAPORE (Reuters) – Oil prices rose on Monday as a storm shaped in the Gulf of Mexico and Iran mentioned a three-month nuclear monitoring deal had expired, elevating doubts about the way forward for oblique talks that might finish U.S. sanctions on Iranian crude exports.

futures for July rose 32 cents, or 0.5%, to $66.76 a barrel by 0143 GMT, whereas U.S. West Texas Intermediate for July was at $63.93 a barrel, up 35 cents, or 0.6%.

Oil prices fell final week after Iran’s president, Hassan Rouhani, mentioned the United States was able to carry sanctions on his nation’s oil, banking and delivery sectors.

“Iran’s oil production has been rising in recent months, likely in anticipation of a lifting of the sanctions,” ANZ analysts mentioned in a notice on Monday.

However, the speaker of Iran’s parliament mentioned on Sunday a three-month monitoring deal between Tehran and the U.N. nuclear watchdog had expired and that its entry to photographs from inside some Iranian nuclear websites would stop.

European diplomats mentioned final week that failure to agree an extension of the monitoring deal would plunge wider, oblique talks between Washington and Tehran on reviving the 2015 Iran nuclear deal into disaster. Those talks are on account of resume in Vienna this week.

Former President Donald Trump withdrew the United States from the deal in 2018 and re-imposed sanctions.

Meanwhile, a low stress system positioned over the western Gulf of Mexico with winds of 30-35 miles per hour (48 to 56 km per hour) close to and east of the middle, has a 60% likelihood of changing into a cyclone in the following 48 hours, the U.S. National Hurricane Center (NHC) mentioned on Friday.

Concerns of rising coronavirus instances in Asia capped worth beneficial properties.

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