Oil prices held steady in Asian trade on Wednesday after falling about 2% in the previous session, as investors assessed progress in U.S.–Iran negotiations while remaining cautious about the chances of a final deal.
Brent crude futures rose 23 cents, or 0.34%, to $67.65 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 19 cents, or 0.3%, to $62.52. Both benchmarks are hovering near two-week lows.
Iran and the U.S. agreed on broad “guiding principles” in nuclear talks, but Iranian Foreign Minister Abbas Araqchi said a final agreement is not imminent. Analysts remain skeptical about meaningful progress, with concerns that geopolitical risks could persist.
Adding pressure, output at Kazakhstan’s Tengiz oil field is rising after a January suspension, with full capacity expected soon. Markets are also awaiting weekly U.S. inventory data from the American Petroleum Institute (API) and the Energy Information Administration (EIA).
A Reuters poll suggests U.S. crude stocks likely rose by 2.3 million barrels last week, while gasoline and distillate inventories are expected to have declined.
Frequently Asked Questions
Why did oil prices stabilize today?
Prices steadied after a sharp 2% drop, supported by mild bargain buying and technical recovery.
How do U.S.–Iran talks affect oil prices?
A potential deal could ease sanctions and increase Iranian oil supply, pressuring prices. However, uncertainty keeps markets cautious.
What is the impact of Tengiz oil field output?
Rising production from Kazakhstan’s Tengiz field adds to global supply, weighing on prices.
What are traders watching next?
Weekly U.S. inventory reports from the API and EIA, which influence short-term price direction.
What are current price levels?
Brent is at $67.65 per barrel and WTI at $62.52, both near two-week lows.
