BANGKOK – Oil was little changed below $93 a barrel Tuesday, awaiting new cues from U.S. economic indicators and the resumption of negotiations in Geneva meant to curb Iran's nuclear program.
Benchmark U.S. crude for December delivery was down 7 cents at $92.96 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 81 cents to $93.03 on Monday.
Oil has traded between $93 and $96 a barrel over the past two weeks, and is down from nearly $110 a barrel in early October due to ample supplies and tepid demand.
U.S. retail sales due Wednesday might halt oil's recent slide if the figures show increased demand for gasoline.
Iran, meanwhile, will resume talks this week in Geneva with the U.S., Britain, France, Russia, China and Germany aimed at resolving a decade-long standoff over Iran's nuclear program.
The powers are offering a gradual rollback of sanctions that have crippled Iran's economy, raising concerns of an influx of Iranian oil into world markets at a time of already abundant supplies.
Brent crude, the benchmark for an international variety of crude, was down 47 cents at $108 a barrel on the ICE futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline dropped 0.6 cent to $2.63 a gallon.
— Heating oil fell 1 cent to $2.915 a gallon.
— Natural gas added 0.2 cent to $3.619 per 1,000 cubic feet.