Brent Crude Oil Edges Down in Afternoon Trading

Brent Crude: Oil edged down to below $96.5 per barrel in afternoon trading Tuesday, after rising to above $98 per barrel earlier in the day as investors balance potential supply additions from Iran against the suspension of Russian oil exports via the southern leg of the Druzhba pipeline due to transit fees since early August.

The European Union submitted a “final text” to revive the 2015 deal late on Monday, awaiting approval from Washington and Tehran. A potential deal could boost Iran’s oil exports by at least 1 million barrels per day or about 1% of the global supply in six months.

Meanwhile, investors are eyeing weekly US oil inventory data to gauge demand in the world’s top oil consumer, as recent reports pointed to declining consumption.