(Bloomberg) -- Oil was steady at the open of trading in Asia after the latest talks to revive a nuclear deal with Iran ended without an agreement, a day after the OPEC producer elected a new president.
Futures in New York traded near $72 a barrel following a fourth weekly gain. Diplomats adjourned a sixth round of meetings with significant gaps remaining to mend the accord, the third time since talks began in April that negotiators have missed self-imposed deadlines to rejuvenate the agreement.
The election of conservative cleric Ebrahim Raisi as Iran’s president, however, may add to delays in the quick return of a nuclear deal. Raisi is on the U.S. sanctions list for human rights abuses and Tehran insists penalties must be removed as part of an agreement to revive the pact.
Crude is up almost 50% this year as major economies emerge from restrictions and lockdowns after the roll-out of Covid-19 vaccinations worldwide. Demand has rebounded, especially in the U.S. and parts of Asia. Oil consumption in China has exceeded pre-pandemic levels and India is showing signs of recovering from a deadly second wave that decimated its economy.
Read also: Global Recovery Lifts Russian Oil Premium to Highest Since 2020
©2021 Bloomberg L.P.
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