Oil Holds Losses Below $60 as Nuclear Talks Set to Miss Deadline

Oil held losses below $60 a barrel as investors weighed the prospects of Iran increasing crude exports in the oversupplied market.
Futures were little changed in Nyc after falling 2.2 percent Monday amid concern financial turmoil in Greece will prompt its exit from the euro area. While a June 30 deadline for any nuclear accord with Iran is planned to be missed, U.S. and European diplomats meeting in Vienna said a road to an all-inclusive agreement is available within days.
Oil is headed for the first monthly drop since March because the Greek crisis prompted investors to prevent risky assets, while signs of your global glut persist. Iran, OPEC’s fifth-largest producer, has estimated it could double exports from about a million barrels each day within six months if international sanctions are lifted.
“Global supply continues to be high if there are extra oil from Iran, it could be a problem,” David Lennox, an analyst at Fat Prophets in Sydney, said by phone. “We’ve been quite positive for the price however it could commence to look somewhat bleak, especially when Europe starts to contract again if there’s a contagion affect away from Greece.”
West Texas Intermediate for August delivery was at $58.23 a barrel in electronic trading within the Nyc Mercantile Exchange, down 10 cents, at 11:07 a.m. Sydney time. The contract declined $1.30 to $58.33 on Monday. Total volume concerned 80 % below the 100-day average. Prices have decreased 3.5 percent this month.
The U.S. benchmark crude has advanced 22 percent because end of March, set for that first quarterly grow in annually, and is up 9.2 percent in 2015.
U.S. Stockpiles
Brent for August settlement was 3 cents lower at $61.98 a barrel on the London-based ICE Futures Europe exchange. It slid $1.25 to $62.01 on Monday. The eu marker grade traded scarce of $3.69 to WTI.
Crude inventories inside the U.S., the earth’s biggest oil consumer, probably shrank by 2.5 million barrels through June 26, good median estimate inside a Bloomberg survey of nine analysts before government data Wednesday. While supplies have fallen the prior eight weeks to 463 million barrels, they’re still 84 million above the five-year average degree of now of the year.