Oil prices gained as US buyers covered positions ahead of the three-day Memorial Day weekend amid worries over the latest round of nuclear talks between American and Iranian negotiators. Brent crude futures settled at $64.78 a barrel, up 34 cents, or 0.54%. U.S. West Texas Intermediate crude futures finished at $61.53, up 33 cents, or 0.54%. \u201cI think there is some short-covering going into this weekend,\u201d said Phil Flynn, senior analyst with Price Futures Group. The Memorial Day weekend kicks off the US summer driving season, the period of highest demand for motor fuels. U.S. and Iranian negotiators met in Rome on Friday in another round of talks aimed at curtailing the Islamic Republic\u2019s nuclear program. Traders are afraid crude supplies could be interrupted if talks fail to reach a deal, Flynn said. \u201cThe talks are not looking good,\u201d he said. \u201cIf these are the last talks and there\u2019s no deal, it could give a green light to the Israelis to attack Iran.\u201d President Donald Trump said on Friday that he is recommending a straight 50% tariff on goods from the EU starting on June 1, saying the bloc has been hard to deal with on trade. \u201cThe oil market has been under pressure from two things,\u201d said Andrew Lipow, president of Lipow Oil Associates. \u201cWe await the impact of tariffs on oil demand and OPEC+ is expected to increase supply again this summer.\u201d OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies led by Russia is holding meetings next week expected to yield another output increase of 411,000 barrels per day (bpd) for July. Reuters reported this month that the group could unwind the rest of its 2.2 million bpd voluntary production cut by the end of October, having already raised output targets by about 1 million bpd for April, May and June.<\/p>\n","protected":false},"excerpt":{"rendered":"
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