Oil steadies

Commodity markets steadied on Tuesday with crude oil prices moving modestly lower.

Traders said they expected fresh impetus from this week’s economic data, which was expected to provide further insight into the strength of the global economy’s recovery path.

In energy markets, Nymex November West Texas Intermediate oil fell to a low of $65.82 but later recovered to trade 10 cents lower at $67.07 a barrel while ICE November Brent dipped 12 cents to $65.42 a barrel.

Geopolitical tensions over Iran’s nuclear programme have provided support for oil prices. The lead-up to negotiations between the west and Tehran on Thursday following the discovery of a secret nuclear facility in Iran have become more tense following the regime’s test-launch of long-range missiles over the weekend.

“Tehran has flaunted its nuclear ambitions in recent weeks, knowing that Russia and China will stand in the way of additional sanctions for fear of hurting their trade relations with Iran,” said Tom Pawlicki of MF Global.

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