Crude Oil Rebounds on Choppy Session

2026-02-06 15:39 By Felipe Alarcon 1 min. read

WTI crude futures traded choppily on Friday, dipping earlier on easing Middle East risk before rebounding over 0.5% to trade close to $63.7 a barrel, though prices remained on track for a first weekly decline in seven weeks.

US Iran nuclear talks in Oman, which Iranian officials described as a good start with plans to continue negotiations, reduced fears of near term supply disruptions from a region that accounts for roughly one third of global crude output.

Earlier gains reflected lingering caution as the US pushed to broaden talks beyond nuclear issues, while prior evacuation advisories had heightened sensitivity to escalation risk.

That premium faded as diplomatic signals improved, reinforcing expectations of oversupply later this year.

Adding to pressure, Saudi Arabia cut official selling prices for its main crude grade to Asia to the lowest since late 2020, highlighting ample supply, though the smaller than expected reduction suggested confidence in demand.



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