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<\/a>\nBiden and his European allies discussed \u201congoing negotiations\u201d toward a nuclear agreement, including \u201cthe need to strengthen support for partners in the Middle East region,\u201d according to a US summary of the call released Sunday. Iran submitted its response on Aug. 15 to a framework circulated by the EU for a deal, which the EU took as constructive.<\/p>\n
\u201cThe global balance for the remainder of the year is not as tight as many were expecting, with Russian supply holding up well,\u201d said Warren Patterson, head of commodities strategy for ING Groep NV. \u201cWhile it may take several months for Iran to get production back to pre-sanction levels in the event of a deal, in the short term, they should still be able to boost exports by relying on storage.\u201d<\/p>\n
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- Brent for October settlement slid 1.2% to $95.57 a barrel on the ICE Futures Europe exchange at 12:01 p.m. in Singapore.<\/li>\n
- WTI for September delivery, which expires Monday, fell 1.3% to $89.63 a barrel on the New York Mercantile Exchange.<\/li>\n
- The more-active October contract dropped 1.2%.<\/li>\n<\/ul>\n
The difference between prompt Brent futures and the second-month contract – a measure of the market\u2019s reading of near-term supply and demand tightness – fell to 51 cents per barrel on Monday, compared with $4.82 a month ago.<\/p>\n
Meanwhile, China\u2019s Sichuan province extended industrial power cuts and activated its highest emergency response on Sunday to deal with \u201cextremely outstanding\u201d electricity supply deficiencies, adding to manufacturers\u2019 woes as factories are shuttered and adding to fears of further economic weakness.<\/p>\n
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