Oil Declines After Iran Confirms US Negotiations Set for Friday

Group 1 - Oil prices fell for the first time in three days, with West Texas Intermediate settling near $63 a barrel and Brent below $68 a barrel, following Iran's confirmation of negotiations with the US, which eased immediate military conflict risks [1] - Private jobs data in the US raised concerns about an economic slowdown, potentially impacting oil demand, leading to further declines in futures [2] - Saudi Arabia reduced the price of its main oil grade for Asian buyers to the lowest level in years, indicating confidence in demand despite the price drop being less than expected [4] Group 2 - Ongoing US-Iran negotiations face significant challenges due to differing positions, which may reinsert risk premiums into oil prices amid heightened regional tensions [5] - Shell's CEO noted an oversupply in the market but emphasized the uncertainty from geopolitical challenges, contributing to market volatility and a premium on oil prices [6] - Traders are actively monitoring geopolitical developments, including Ukraine peace talks, which could further influence oil market dynamics [7]