Oil Steadies as Traders Await Upcoming US-Iran Nuclear Talks

Oil wavered as traders balanced expectations of modest OPEC production hikes in April and bearish US government data against increasing pressure on Iran over its nuclear program.

West Texas Intermediate swung in a roughly $1.50 range, settling down 0.3% at above $65 a barrel. Brent closed above $71 a barrel. Traders have been parsing signals over whether Iran’s concessions over its nuclear ambitions will be enough to achieve a detente with the US.