
Oil prices fell Monday as Iran and major western powers said they were closer than ever to a landmark nuclear deal that would lift sanctions and hike Tehran's crude exports.
A forecast by the International Energy Agency (IEA) for slower world oil demand growth next year and slumping Chinese trade data were also weighing on the market, analysts said.
US benchmark West Texas Intermediate for August delivery was down 23 cents at $52.51 barrel.
Brent North Sea crude for August slid 70 cents to stand at $58.03 a barrel in London afternoon deals.
Iran's President Hassan Rouhani will address the nation on state television on Monday night, a media official told AFP, amid reports a nuclear deal with world powers could be imminent.
Rouhani's appearance is scheduled for around 10:00 pm (1730 GMT) the official said, noting that the president would talk about the negotiations taking place in Vienna.
Any deal to curb what the West suspects as Iranian efforts to build an atomic bomb will result in the lifting of punishing economic sanctions, allowing the country to resume oil exports.
More Iranian oil however will add to a supply glut, which has depressed prices.
"Reports... have suggested that a comprehensive 'in-principle' agreement has been reached over the main issues, with only technical considerations remaining unresolved," said Nicholas Teo, market analyst at CMC Markets.
"This may once again move the needle for crude," he added in a market commentary.
GMT 22:17 2018 Monday ,22 January
Opec output cuts near victoryGMT 22:57 2018 Saturday ,20 January
the literary canary in India's coalmineGMT 07:11 2018 Friday ,19 January
Oil market heads towards 'smooth rebalancing': OPECGMT 19:07 2018 Saturday ,13 January
Oil hits $70 a barrel for the first time in three yearsGMT 19:07 2018 Saturday ,13 January
Oil hits $70 a barrel for the first time in three yearsGMT 15:44 2018 Saturday ,13 January
Bahrain to host MERTC 2018GMT 18:24 2018 Friday ,12 January
No need to panic over $70 oil price: UAE Energy MinisterGMT 13:21 2018 Friday ,12 January
Kuwaiti oil price up 93 cents to stand at US$66.09 per barrel

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor