Oil Prices Rebound After Dismal Week
NEW YORK, July 2 (UPI) — Crude oil prices recovered some of the ground lost in recent sessions on the back of steady U.S. labor figures and assessments over Iranian nuclear talks.
Brent crude oil prices gained 1.2 percent to $62.77 per barrel early in the session. West Texas Intermediate, the U.S. benchmark, gained seven tenths of a percent to $57.38 per barrel.
Greek economic woes culminated this week with its default with the International Monetary Fund. Greek debt issues lingered behind the global financial crisis, though European leaders this week said the regional economy was better prepared to weather the storm.
The U.S. Labor Department said 281,000 people filed claims for unemploymentinsurance during the week ending June 27, an increase of 10,000 from the previous week. The national unemployment rate of 5.3 percent was still in line with what’s considered a healthy labor market.
The deadline for reaching a final deal with Iran was extended from Tuesday. Ali Shamkhani, the head of Iran’s National Security Council, said during a meeting Thursday with a delegation from the International Atomic Energy Agency the “nobility of any agreement depends on satisfaction of both sides of the negotiations.”
Iran, a member of the Organization of Petroleum Exporting Countries, is limited to around 1 million barrels per day in oil exports under existing sanctions. That’s about half its full capacity and Iranian officials have said more of its crude oil will find its way to the international market once a nuclear agreement is reached.
A crude oil market favoring the supply side in a weakened global economy helped push prices down from the $100 per barrel mark posted in June 2014.
