[MAKRET ANALYSIS] Crude benchmarks slightly higher as markets await updates from US-Iran talks

• WTI and Brent briefly dipped below USD 63/bbl and USD 67/bbl respectively at the start of the Asia-Pac session, before steadily bidding higher as European trade gets underway. The key event traders will be looking out for today is any reporting following the US-Iran nuclear talks in Oman. As of writing, the meeting has gotten underway but there have been reports that a convoy carrying US officials has left the site where the talks have been taking place.
• Further on the nuclear topic, Russia's Kremlin said Russia and the US need to begin nuclear talks soon. This comes following the expiration of the New START treaty on Thursday.
• A key gauge of global oil supply/demand is how Saudi Arabia prices its Arab Light grade crude. On Thursday, Saudi Aramco cut its price by 30 cents per barrel, in line with the regional benchmark for March. This is the lowest price for Saudi's most abundant crude since late 2020.

Crude oil prices are slightly recovering as traders anxiously await updates from the ongoing US-Iran nuclear talks, which could significantly impact market sentiment and supply projections. The current geopolitical landscape, particularly developments regarding nuclear negotiations and Saudi pricing strategies, may signal future volatility in oil markets and should be closely monitored as they play a critical role in influencing both supply and demand dynamics.