Oil has fallen over Trump’s statement about the deal with Iran

Oil
Pump jacks are seen in the Midway Sunset oilfield, California, in this April 29, 2013 file photo. REUTERS/Lucy Nicholson

UNITED STATES (VOP TODAY NEWS) — Oil shows mixed results during sluggish trading on Monday, because after weeks of growing tension in the Middle East, US President Donald Trump said that a deal with Iran over its nuclear program is possible.

“I believe that Iran wants to make a deal, and I think that this is very clever of them, and I think that this can happen,” said Trump during a press conference with Japanese Prime Minister Shinzo Abe in Tokyo.

Trump also said he does not want a regime change in the Islamic republic.

Tensions between the US and Iran increased after attacks on oil tankers earlier this month, as well as a blow with drones on oil pipelines belonging to Saudi Arabia. The US blamed Iran and its friendly Yemen for strikes. Iran denies any involvement.

At 15:26 UTC, West Texas Intermediate oil with delivery in July fell in price by 0.02% to $ 58.62 per barrel, down compared to the highest level of $ 63.81 it had reached earlier in two and a half weeks. Brent crude oil , which is the benchmark in the international market, meanwhile, rose in price by 0.7% to $ 67.92 per barrel.

The New York and London stock exchanges are closed today due to the weekend.

Meanwhile, trade tension between Washington and Beijing remains at the center of investors ‘attention, since Chinese industrial enterprises’ profits declined in April due to a slowdown in demand and activity.

The data released by the National Bureau of Statistics on Monday showed that the Chinese economy is beginning to feel the effects of a trade war.

It is expected that car sales in China, on which the growth in global oil demand largely depends, will stagnate this year, after falling for the first time in more than twenty years in 2018, state news agency Xinhua reported on Sunday. Given the growing share of electric cars in the market, this means another year of relatively weak demand for gasoline.

RBOB gas futures rose 0.1% to $ 1.9245 per gallon, while heating oil rose 0.6% to $ 1.9850 per gallon. Natural gas futures fell 1% to $ 2,595 per million British thermal units.

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