WASHINGTON (dpa-AFX) - Oil edged lower on Tuesday after two days of gains as Russian President Vladimir Putin indicated a potential resumption of peace talks with Ukraine and Iran said nuclear talks could break down if the U.S. insists on no enrichment.
A weaker U.S. dollar helped limit losses to some extent as investors weighed trade-related uncertainties, growing fiscal deficit and weakened confidence about enduring U.S. exceptionalism.
Benchmark Brent crude futures dipped 0.4 percent to $65.30 a barrel in European trade while WTI crude futures were down 0.2 percent at $62.03.
Russian President Putin and U.S. President Trump had a two-hour phone call on May 19, discussing preferences for quick agreements on the Ukraine conflict and diplomacy over sanctions. They did not set a ceasefire timeline, leaving the issue unresolved.
The call yielded no breakthrough on a ceasefire but both leaders expressed interest in meeting in person.
Markets also weighed the impact of U.S.-Iran nuclear deal talks, which lacked progress.
Quoting Iranian Deputy Foreign Minister Majid Takhtravanchi's statement, Reuters reported that the nuclear talks between Iran and the U.S. 'will lead nowhere', if the U.S. insists that Iran drop its uranium enrichment activity to zero.
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