Oil prices fell in light volume on Monday as revived talks on Iran’s nuclear program eased fears of supply disruption, while slowing U.S. jobs growth sparked concern about demand for fuel, Reuters reports.
Negotiations between Iran and world powers over Tehran’s disputed nuclear program are slated on April 14 in Istanbul. The resumption of talks after more than a year tempered worries about an immediate cut in supply.
U.S. markets reacted to U.S. jobs data released on Friday when markets were shut to observe Good Friday. The employment report showed job growth slowed to 120,000 in March, well below expectations and the smallest increase since October.
Brent May crude fell 76 cents to settle at $122.67 a barrel, having dropped as low as $121.02 and tested below the 50-day moving average of $121.60.