After rising for two consecutive sessions since the beginning of the week, crude oil prices recorded some declines in mid-European trading today, Tuesday, May 20, amid continued uncertainty stemming from the US-Iranian negotiations and the Ukrainian-Russian peace talks. Stock figures are awaiting further developments, with Brent crude falling by about 0.23%, trading at $65.39 per barrel, while US crude (NYMEX) is trading at $62.54 per barrel, down about 0.24%.
The Iranian News Agency reported this morning that Iranian Supreme Leader Khamenei doubts that the current talks between Tehran and Washington will lead to an agreement. Crude oil prices rose after these statements, with US crude testing $63 before declining. Estimates indicate that any agreement could increase Iranian oil exports by 300,000-400,000 barrels per day, and thus a stumbling block in the negotiations could support continued increases in crude oil prices. In a related development, US President Trump announced that negotiations between Russia and Ukraine will begin immediately for a ceasefire following a two-hour phone call with Russian President Putin. Markets are awaiting US oil inventory figures from the American Petroleum Institute on Tuesday, ahead of official figures from the US Energy Information Administration on Wednesday.