Black commodities traded steady after erasing some losses recorded last week following concerns over an increase in crude oil supplies by Iran.
Oil prices fell last week following reports that said Iran and the United States were getting closer to reaching an agreement on reviving a 2015 nuclear deal.
Meanwhile, Iranian President Hassan Rouhani said that the US was ready to lift sanctions that had been imposed on its country’s oil, banking and shipping sectors.
This has caused the market to worry that world crude oil supply will increase, moreover Iran is said to be ready to export crude oil at its maximum level last week.
However, at the same time, expectations of an increase in world crude oil demand also helped offset oil prices from falling lower.
Citing a Goldman Sachs report, they saw that the increase in crude oil demand following vaccination advances, would drive higher prices even in the face of increased supply from Tehran.
Entering the European session, Brent crude futures traded steady at $ 66.80 a barrel, while US WTI traded around $ 64 a barrel.
