[MARKET ANALYSIS] WTI and Brent edge lower amid light newsflow; Ukraine and Iran negotiations with the US in Geneva are to take place simultaneously on February 17th

Crude benchmarks are slightly softer amid light newsflow over the weekend and during the early morning European trading session. Some slight pressure was seen during the early European session, though with no clear catalyst. Newsflow has been quiet amid market closure in Asia and North America. WTI and Brent are trading around the narrow range of USD 62.36-63.86/bbl and USD 67.33-67.87/bbl.
Geopolitical update in the Middle East includes US President Trump telling Israeli PM Netanyahu during a meeting in December that he would support Israel striking Iran’s ballistic missile program if the US and Iran are not able to reach a deal, according to CBS. There was confirmation from Iran that indirect talks between the US and Iran will resume in Geneva on Tuesday under the mediation of Oman, while Iranian Foreign Minister Araghchi left for Geneva on Sunday. An Iranian diplomat said Iran is open to nuclear deal compromises if the US discusses lifting sanctions, while it was also reported that Iran said potential energy, mining and aircraft deals are on the table in talks with the US. Elsewhere, on the Palestine situation, Israel’s cabinet approved the proposal to register West Bank lands as ‘state property’, while Palestinians condemned the ‘de facto annexation’ which Peace Now said likely amounts to a ‘mega land grab’.
In Russia and Ukraine, US Secretary of State Rubio said he does not know if Russia is serious about finding an end to the war in Ukraine and will continue to test it, while it was reported that he met with Ukrainian President Zelensky on security and deepening defence and economic partnerships.
Note, Ukraine and Iran negotiations with the US in Geneva are to take place simultaneously on February 17th (Tuesday).