Oil cuts its gains and fears Iran supports the market

UNITED STATES (OBSERVATORY) –¬†Oil prices held steady on Tuesday as the dollar remained near a four-month high as crude gained support from fears that US President Donald Trump would withdraw from a nuclear deal with Iran.

By 0649 GMT, US WTI crude for June delivery was down two years at $ 68.59 a barrel after rising 47 cents on Monday.

Brent crude for July delivery contract was up one cent to $ 74.70. June was settled on Monday after rising 53 cents to settle at $ 75.17.

Oil prices rose on Monday after Israeli Prime Minister Benjamin Netanyahu stepped up pressure on the United States to withdraw from a nuclear deal signed with Iran in 2015 when he offered what he described as evidence of a secret Iranian nuclear weapons program. Tehran has consistently denied seeking nuclear weapons.

Trading was quiet in Asia as many markets such as China, India and Singapore closed on public holidays.