Oil prices were moving lower in European trade on Wednesday as talks to revive a nuclear deal with Iran opened the possibility of an easing of sanctions on its oil exports.

The downside was capped by prospects for stronger global growth amid steady progress with coronavirus vaccinations and additional government stimulus.

Brent crude futures for June settlement eased 0.2 percent to $62.60 per barrel, while U.S. West Texas Intermediate crude futures for May delivery were down 0.4 percent at $59.11.

Iran said talks in Vienna on Tuesday aimed at restoring its 2015 nuclear deal with world powers had been “constructive” and they will continue to discuss ways to revive the Joint Comprehensive Plan of Action (JCPOA) that former U.S. President Donald Trump unilaterally abandoned in May 2018.

“The talks in Vienna were constructive . our next meeting will be on Friday,” Abbas Araghchi, who is leading the Iranian delegation in Vienna, told Press TV.

Economic optimism prevails after data showed U.S. job openings rose to a two-year high in February and hiring picked up.

Final PMI numbers from Europe were in focus this morning, with the Eurozone’s services PMI increasing from 45.7 to 49.6 in March. That was up from a preliminary reading of 48.8.

The IHS Markit/CIPS composite Purchasing Managers’ Index for U.K. – measuring Britain’s huge services sector and its manufacturers – rose to 56.4 in March from 49.6 in February.

U.S. crude oil stockpiles fell in the most recent week, while fuel inventories rose, media reports said, citing the API data. Official data is due to be released later in the day.

The material has been provided by InstaForex Company – www.instaforex.com

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