Brent and West Texas Intermediate crudes swung between gains and losses as investors weighed the potential outcomes next week of the OPEC meeting and Iran nuclear talks in Vienna.
Futures rose as much as 0.9 percent in London, reversing an earlier decline. U.S. Secretary of State John Kerry will today join envoys from six world powers and Iranian counterparts for intensive talks on the country’s nuclear program. Iran won’t cut its oil output by a single barrel and will discuss market share with Saudi Arabia in Vienna next week, said the country’s Oil Minister Bijan Namdar Zanganeh.
Oil collapsed into a bear market as the U.S. pumps at the fastest rate in more than three decades amid signs of weakening demand. Leading members of the Organization of Petroleum Exporting Countries are resisting calls to reduce output while others including Venezuela seek action to support prices before a Nov. 27 meeting in Vienna.