Oil prices edged lower on Tuesday as markets adopted a cautious tone ahead of key economic data releases and amid the potential for renewed tensions in US-Iran relations.
International benchmark Brent crude traded at $68.65 per barrel at 9.25 a.m. local time (0625 GMT), down 0.04% from the previous close of $68.68.
US benchmark West Texas Intermediate (WTI) decreased 0.1% to $64.09 per barrel, compared with $64.16 in the previous session.
Iranian Foreign Minister Abbas Araghchi held talks with Egyptian Foreign Minister Badr Abdelatty and Saudi Foreign Minister Prince Faisal bin Farhan to exchange views on the "indirect negotiations in Oman."
During the discussions, Araghchi described the indirect Iran-US talks in Oman as "a good start," while stressing the need to remove distrust regarding Washington's intentions and objectives.
The remarks eased concerns over oil supply disruptions, putting downward pressure on prices.
However, Islamic Revolutionary Guard Corps official Aziz Ghazanfari said the US had presented Tehran with four conditions ahead of the Oman talks and threatened military action if they were not accepted.
Meanwhile, markets are awaiting US employment and inflation data that could shape the outlook for oil demand and interest rates.
The nonfarm payrolls report due Wednesday and inflation data scheduled for release on Friday are expected to influence expectations for Federal Reserve rate cuts. A weakening labor market could prompt a faster resumption of rate reductions, while persistently high inflation may delay the start of easing.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr
