By laksh5382 
New York (Reuters) -Ol prices fell nearly 3% on Monday on signs of progress in conversation between the US and Iran on Monday, while investors were concerned about the economic headwind with tariffs that could curb the demand for fuel.
Brent crude futures were below the EDT (1448 GMT) at 12:49 am at $ 1.93, or 2.8%, $ 66.03 per barrel after the closure of 3.2% on Thursday.
The US West Texas Intermediate crude became $ 1.69, or 2.6%, $ 62.99 per barrel after the establishment of 3.54% in the previous season. Thursday was the last Basti Day of last week due to Good Friday’s holiday.
“US-Iran’s conversation seems relatively positive, which allows people to start thinking about the possibility of a solution,” said Harry Tchillinguirian said Group Head of Research at Onyax Capital Group said.
“The immediate implication will not be that the Iranian crude will not be away from the market.”
He said that due to Easter holiday, markets also have less liquidity, which can increase the price moves.
In negotiations, the US and Iran agreed to start creating an outline for a possible nuclear deal, said Iran’s Foreign Minister said that after discussion that an American official described as “very good progress”.
This progress last week follows further sanctions against a Chinese independent oil refinery by the US that it alleges that Iranian crude pressurized Tehran.
US President Donald Trump reiterated criticisms about the Federal Reserve. The American economy may slow down until the interest rates are immediately reduced, President Donald Trump said on Monday.
According to analysts, gold prices increased in another record, waving in energy markets due to concerns about demand, according to analysts.
The main index of Wall Street lost more than 1%. [.N]
Phil Flynn, senior analyst of Price Futures Group, said, “Risk experience in the market is reducing us today due to shares.”
Meanwhile, a group of major producers, including an organization of colleagues such as OPEC, Petroleum exporting countries and Russia, are still expected to increase production from 411,000 barrels per day starting in May.
However, some of the growth can lead to offset by deduction from countries that have exceeded their quota.
On April 17, a Reuters Poll showed that investors believe the tariff policy would trigger a significant recession in the US economy with the average possibility of recession this year and next year and next 12 months. America is the world’s largest oil consumer.
Investors are looking for many US data release this week, including the April Flash Manufacturing and Services PMI for the direction on the economy.
IG’s Yeap said, “The PMI release series can further outline the economic impact of Tariff, in which the condition of manufacturing and services in major economies is expected to be softened,” said IG Kayap said, Oil prices have to face resistance at $ 70 levels.
,