By Emily Chow

BEIJING (Reuters) – Oil prices fell on Tuesday morning ahead of the resumption of indirect talks between the United States and Iran that could revive a nuclear deal that could lead to the lifting of sanctions on Iranian oil sales, rising thus the global supply.

Brent crude was last down 36 cents, or 0.4%, at $92.33 a barrel at 01:47 GMT, after hitting a seven-year high of $94 on Monday. U.S. West Texas Intermediate crude fell 26 cents, or 0.3%, to $91.06 a barrel.

Both oil contracts hit recent seven-year highs, supported by strong global demand, ongoing tensions in Eastern Europe and potential supply disruptions due to cold weather in the United States.

Talks on reviving the 2015 Iran nuclear deal, taking place in Vienna, will resume on Tuesday after a 10-day break. The US has reinstated some sanctions waivers, while Iran is demanding a full lifting of sanctions and a US guarantee of no further punitive action.

“Crude oil futures fell as the specter of Iranian oil entering the market weighed on sentiment,” analysts at ANZ Research said in a note on Tuesday, noting that traders had quoted “progress” in reaching a deal that “would ultimately restore the sanctioned country”. oil” on world markets.

“Nevertheless, more bullish signals continue to emerge for oil,” they added, pointing to rising oil prices in Saudi Arabia and the unexpected closure of a US refinery.

Saudi Aramco said on Saturday it had raised prices for all grades of crude it sells in Asia in March from February, in line with market expectations, reflecting firm demand in Asia and stronger margins for crude. diesel and jet fuel.

In the United States, crude oil and gasoline inventories likely rose last week, while distillate inventories fell, a preliminary Reuters survey showed on Monday. Crude inventories rose by about 700,000 barrels in the week to Feb. 4.

(Reporting by Emily Chow; editing by Richard Pullin)