Crude oil prices recovered some losses after suffering a drastic fall following the latest developments on Iran’s nuclear talks which showed positive signals.
On Wednesday, a negotiator from Iran made a tweet on his twitter page saying that efforts to restore a nuclear deal were getting closer.
Tehran also looks poised to return to the Asian market after officials from National Iranian Oil Co. state -owned met South Korean distillers to discuss supply potential.
Analysts suggest that the deal could bring production to about 1.3 million barrels a day and help ease the shortage of global markets.
This has pushed crude oil trading to plunge below the $ 90 a barrel price level.
However, the latest news from Russia is again pushing up oil prices after the Ukrainian armed forces reportedly fired artillery and grenade attacks at the Luhansk People’s Republic (LPR) location.
The report has caused the risk of a Russian-Ukrainian war to rise again even though its authenticity is still unknown as the report was released by the Russian state media.
At the beginning of the European session, Brent oil futures traded steady at around $ 93.40 a barrel while US WTI was slightly lower at $ 92.30 a barrel.
