Analysts: US-Iran Talks Imminent, Crude Oil Traders Hedge Risks

Odaily News Crude oil futures prices showed little change as traders head into the weekend, with planned talks between the US and Iran set to determine whether the ceasefire in the Middle East can hold. Scott Shelton of TP ICAP said, "Traders have essentially withdrawn from the market; the $7 volatility seen yesterday seemed to occur with very few human traders participating. All they are doing is necessary hedging or unwinding positions to further reduce risk exposure." He added, "Perhaps after this weekend, we will have a clearer picture of whether the differences between Iran and the US are too significant to reach an agreement." (Jin10)