Oil Prices Inch Higher Amid Stalled US-Iran Nuclear Talks And Supply Uncertainty

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Oil Prices Inch Higher Amid Stalled US-Iran Nuclear Talks And Supply Uncertainty - Business Today

Quick Summary:

Oil prices rose slightly on Tuesday as hopes for a breakthrough in US-Iran nuclear negotiations dimmed, raising concerns over the potential delay in Iranian crude re-entering the global market.

Brent crude futures edged up 12 cents to US$65.66 a barrel by 0008 GMT, while US West Texas Intermediate (WTI) gained 16 cents to US$62.85.

The ratings agency cut the US government’s rating by one notch on Friday, citing concerns over its mounting US$36 trillion debt.