Oil steadied near $73 a barrel on Tuesday after Iran called for more talks with the West over a dispute about its nuclear erichment program in which it runs a risk of international sanctions.
The world's fourth biggest oil exporter handed over its reply to an incentives package by world powers, saying it was ready to start "serious talks."
September U.S. crude oil , which expired on Tuesday, settled 18 cents higher at $72.63 a barrel, after surging $2.39 in the past two trading days. The October contract fell 20 cents to $73.10. London Brent crude for October delivery was down 14 cents at $73.24 a barrel.
"Users of oil are factoring in a higher possibility of supply disruption the longer this nuclear stand-off continues," said fund manager Ivor Pether, who helps manage about 4 billion pounds ($7.6 billion) in UK equities at Royal London Asset Management, including Shell and BP shares.
Oil prices remain 19 percent up this year on the fear of disruption to Iran's exports and reduced Nigerian supplies.
Weekly U.S. petroleum supply data will be released on Wednesday. A Reuters survey forecast that U.S. crude stocks fell more than 1 million barrels last week, but it was too soon to see heavy impact from a partial outage of Alaska's Prudhoe Bay oil output.
The world's fourth biggest oil exporter handed over its reply to an incentives package by world powers, saying it was ready to start "serious talks."
September U.S. crude oil , which expired on Tuesday, settled 18 cents higher at $72.63 a barrel, after surging $2.39 in the past two trading days. The October contract fell 20 cents to $73.10. London Brent crude for October delivery
"Users of oil are factoring in a higher possibility of supply disruption the longer this nuclear stand-off continues," said fund manager Ivor Pether, who helps manage about 4 billion pounds ($7.6 billion) in UK equities at Royal London Asset Management, including Shell and BP shares.
Oil prices remain 19 percent up this year on the fear of disruption to Iran's exports and reduced Nigerian supplies.
Weekly U.S. petroleum supply data will be released on Wednesday. A Reuters survey forecast that U.S. crude stocks fell more than 1 million barrels last week, but it was too soon to see heavy impact from a partial outage of Alaska's Prudhoe Bay oil output.
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