Oil prices little changed in Asia, economic news offset by Iran talks

London, (Quantum Commodity Intelligence) - Oil futures were little changed in Asian trading hours Wednesday, as positive economic data from the US was offset by progress on talks that could potentially increase Iranian output.

North Sea Brent for June loading was trading 0.13/b higher at $62.85/b, while U.S. WTI for May was up $0.04/b at $59.36/b at 07:45 BST (15:45 Singapore).

Prices were initially buoyed as Tuesday's data showed U.S. job openings rose to a two-year high in February while hiring picked up. This followed earlier data showing growth in the U.S. and China services sectors.

But talks in Vienna between the Joint Commission of the Joint Comprehensive Plan of Action (JCPOA), known as the Iran nuclear deal, cast a shadow on prices as any deal is likely to see an increase in Iranian exports.

Analysts and ship trackers say that Iranian exports have already edged towards 1 million barrels per day, largely in breach of sanctions, but any nuclear deal is expected to legitimize current volumes and could open the door to discussions on further hikes.

The OPEC+ group of producers agreed last week to start increasing exports from May, but collectively the group is believed to have around 7 million b/d of additional capacity that has been shut in since the second quarter of 2020.