TOKYO : Oil prices fell in early Asia trade on Friday as demand concerns outweighed the prospect of tighter supply from global producers while investors remained sceptical that the United States and Iran could strike a nuclear deal.
Both benchmarks slid by around $1 on Thursday, rebounding from their earlier losses of more than $3, after the U.S. and Iran both denied a report by the Middle East Eye that they were close to a nuclear deal. "Apparently, market is still sceptical about the U.S.-Iran nuclear deal," said Satoru Yoshida, a commodity analyst with Rakuten Securities.
"Oil prices are expected to stay in a range of about 3 dollars above and below $70 for WTI in the near term," Yoshida said.
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