US Secretary of State Blinken says Iran's response to the EU proposal on the nuclear deal makes the prospects for an agreement in the near term unlikely. 

Meanwhile, oil prices were higher due to a weaker US dollar that offset ongoing concerns of weaker demand as risk sentiment picked up across the board on a number of counts. there was news that Ukrainian forces have made significant progress in pushing back Russian troops and that too has supported a better tone across European markets. Additionally, there was New York Federal Reserve report that buoyed optimism that suggested inflation may be receding. 

WTI is flat on the day so far, trading at the round $88.00bbls.