- Oil prices fell on Thursday morning, on pace for their fourth consecutive weekly loss.
- It comes shortly after Trump told reporters that negotiations with Iran in Qatar were “going well.”
- Indirect negotiations between the U.S. and Iran began in Doha on Tuesday.Oil prices fell on Thursday as investors weighed signs of progress in indirect negotiations between the U.S. and Iran, easing concerns about potential disruptions to crude supplies in the Middle East.
International benchmark Brent crude futures with September delivery dipped 1.4% to $70.47 per barrel, touching its lowest level since Feb. 27 and on track for a third straight negative session.
The contract is also on pace for its fourth consecutive weekly loss for the first time in nearly two years.
U.S. West Texas Intermediate futures with August delivery were last seen trading 1.5% lower at $67.54, extending earlier losses. The contract is on track for its fourth straight negative week for the first time since early March last year.
The moves come shortly after U.S. President Donald Trump told reporters that negotiations with Iran in Qatar were “going well.”
“The denuclearization of Iran is moving along well,” Trump said. “They’ve had very good meetings and we’ll see.”
