Oil is trading lower to steady, WTI declines for a fourth day as talks between western diplomats and officials from Iran are extended over today's deadline. If the talks will reach an agreement over Iran's atomic program could result in an end of the embargo and international sanctions which would add to the global supply glut.
Today market participants will also closely watch data on Crude Oil Inventories. Yesterday API reported that U.S. crude inventories rose by 5.2 million barrels in the week ended March 27.
Brent Crude added 0.29% currently trading at USD55.27 a barrel. On January 13th Crude set a low at USD45.19. West Texas Intermediate declined -0.50% currently quoted at USD47.36 a barrel.
Oil prices declined sharply in recent months as worldwide supply exceeds demand in a period of low global economic growth, pushing stockpiles to record highs and weighing on prices.