Oil prices little changed but set for steepest monthly and quarterly losses since 2020

By Scott DiSavino

June 30 (Reuters) - Oil prices were small changed connected Tuesday but were headed for their biggest monthly and quarterly losses since the COVID-19 pandemic successful aboriginal 2020, with investors eyeing imaginable U.S.-Iran talks successful Doha amid a strained interim ceasefire ‌in the four-month-long war.

Brent futures fell 13 cents, oregon 0.2%, to $73.02 a tube astatine 12:34 p.m. EDT (1634 GMT), portion U.S. West Texas Intermediate (WTI) ‌crude fell 89 cents, oregon 1.3%, to $69.86 a barrel.

Both crude benchmarks were adjacent to wherever they were trading connected February 27, the time earlier the commencement of the U.S.-Israeli warfare connected ​Iran, erstwhile Brent closed astatine $72.48 a tube and WTI closed astatine $67.02.

"I wouldn't accidental the marketplace has priced retired a hazard premium, but antecedently stranded ships person go disposable with the summation successful ships moving retired of the Gulf, creating a impermanent question of caller supply," UBS expert Giovanni Staunovo said.

Morgan Stanley said it present models an implied planetary lipid marketplace surplus of 4.8 cardinal barrels per time successful 2027.

Top U.S. envoys who arrived successful Doha volition not clasp a high-level ‌meeting with Iran, a Qatari authoritative said connected Tuesday, ⁠casting uncertainty connected the advancement of efforts to bring a lasting halt to the Iran warfare and afloat reopen the Strait of Hormuz. About 20% of planetary lipid supplies passed done the strait earlier the war.

Instead, determination volition beryllium ⁠technical talks this week connected issues including determination information that could aboriginal beryllium elevated to elder level, Qatar's Foreign Ministry spokesperson Majed Al Ansari told a media briefing.

The accomplishment of U.S. President Donald Trump's son-in-law Jared Kushner and envoy Steve Witkoff successful Doha connected Tuesday followed exchanges of occurrence implicit the play that tested the June ​17 ​interim accord betwixt the United States and Iran.

The 14-point pact allowed 60 days for ​the 2 sides to negociate a imperishable truce and to ‌resolve thorny issues including the aboriginal of Iran's atomic program.

FUTURES MILESTONES

Tuesday's deficiency of terms question kept some crude benchmarks successful technically oversold territory with Brent for 13 days successful a enactment and WTI for 11 consecutive days.

For the month, Brent was down astir 21% successful June aft dropping immoderate 19% successful May. That would beryllium its biggest monthly diminution since falling by a grounds 55% successful March 2020 owed to COVID request destruction.

Brent was down astir 38% successful the 2nd 4th aft soaring 94% successful the archetypal quarter. That would beryllium its biggest quarterly diminution since falling by a grounds 66% successful ‌the archetypal 4th of 2020. Last quarter's 94% summation was the highest since futures soared ​by a grounds 142% successful the 3rd 4th of 1990.