Oil price shrinks after Iran’s nuclear talks in Vienna

MNA – Oil prices fell on Monday as investors fretted over the outlook for global economic growth, while weekend talks between Iran and major powers ended on a generally positive note, suggesting an easing of tensions in the Middle East.

Brent crude futures were down by 37 cents, or 0.6%, at $63.09 a barrel by 0717 GMT. Prices rose 1.6% last week, Reuters news agency reported.

US West Texas Intermediate crude was down by 20 cents, or 0.4%, at $56.00 a barrel. WTI gained 1% last week.

An emergency meeting with parties to Iran’s 2015 nuclear deal entitled Joint Comprehensive Plan of Action (JCPOA) was constructive but there are unresolved issues and Tehran will continue to reduce its nuclear commitments if Europeans fail to salvage the pact, Iranian Deputy Foreign Minister Abbas Araghchi said on Sunday.