The European Union and United States said on Tuesday they were studying Iran's response to what the EU has called its "final" proposal to save the deal.
On the oil supply front, the market is awaiting developments from talks to revive Iran's 2015 nuclear deal with world powers, which could eventually lead to a boost in Iranian oil exports. "There are growing downside risks as a result of the growth outlook and ongoing uncertainty around Chinese COVID restrictions," said Craig Erlam of brokerage OANDA.Īn exodus of participants, especially hedge funds and speculators, has made daily price swings far greater than in previous years. British consumer price inflation jumped to 10.1% in July, its highest since February 1982, intensifying a squeeze on households, and pushing oil prices lower earlier in the day. For further information about Argus products and services, see Note 4:Įxchange Rates are taken at close of business (4pm AEST) each day as published by the Reserve Bank of Australia.The prospect of recession has also more recently weighed on oil prices.
#OIL PRICES TODAY MARKET WATCH FULL#
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