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Oil holds decline with U.S. economic outlook, Iran talks in focus - BLOOMBERG
Oil steadied after a drop, with signs of strain in the U.S. economy amid the brewing trade war and talks with Iran in focus.
West Texas Intermediate traded near $62 a barrel after a 1.5 per cent decline on Monday, with Brent crude closing below $66. A widely-referenced gauge of U.S. manufacturing activity weakened significantly, adding to signs of the drag from President Donald Trump’s tariffs. A slew of economic data due this week will shed further light on conditions.
Geopolitics remain at the fore, with ongoing talks between the Washington and Tehran that have the potential over time to see curbs on Iranian oil loosened. Discussions over the Islamic Republic’s atomic activity are showing signs of progress, with Iran also pitching its sanctioned economy as an investment opportunity.
