Iran-US talks raise oil prices

Oil prices rose in early trade on Tuesday (June 4) on supply concerns following claims that Iran would not accept a US nuclear deal that is key to easing sanctions on the major oil producer, while a weaker dollar supported prices.
Brent crude, the international benchmark for North Sea crude, was up 21 cents, or 0.32 percent, at $64.84 a barrel by 4:37 a.m. GMT.
Meanwhile, U.S. West Texas Intermediate (WTI) crude rose 27 cents, or 0.43 percent, to $62.79 a barrel after rising about 1 percent in early trading.
Oil prices rose on Monday as geopolitical risks increased and the voluntary supply cuts from the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) came in lower than expected, ING analysts said in a note.
The firm also said the price gains continued into Tuesday morning trading.
Both benchmarks rose nearly 3 percent in the previous session after the eight OPEC+ members decided to keep the voluntary supply cuts in July at 411,000 barrels per day, lower than some market participants had expected.
While the worst fears have not abated, investors have trimmed their bearish positions they had built up before the last trading session of the week, analysts at ANZ Bank wrote in a note.