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Crude Futures Slip As OPEC+ Deal Seems Closer


Oil is lower in Asia-Pac trade, on track for a second day of declines; WTI is down $0.70 from settlement at $72.42, Brent is down $0.69 at $74.08.

  • Crude futures remain under pressure after the UAE and Saudi Arabia appear to have resolved a dispute over a demand by the UAE to raise its production quota that could pave the way for an extension of producer cooperation and enable substantial volumes of oil supply to come back to the market. What happens next will depend upon deliberations at a yet-to-be announced, OPEC+ ministerial meeting expected to take place this week ahead of the Islamic Eid on Jul. 19. The issue of the baseline change will also be discussed during the meeting by all members of the producer group. For reference, that meeting is not guaranteed to result in an agreement as other countries could raise similar requests on the back of the UAE's seeming success.
  • Elsewhere, there were reports that the US-Iran nuclear talks will not resume until mid-August, which pushed the prospect of additional supply from Iran further down the road. According to Reuters sources Iran won't resume talks until its new president takes over which isn't expected to be until August.

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