CORRECTED-Oil falls after "constructive" talks on Iran's nuclear deal

(Corrects direction of Brent move in second paragraph to
"down", not "up")
TOKYO, July 29 (Reuters) - Oil prices fell on Monday after
Iran described emergency talks on a multi-party nuclear
agreement with a group of signatories as "constructive",
suggesting an easing of tensions in the Middle East.
Brent crude futures LCOc1 were down 23 cents, or 0.4%, at
$63.23 a barrel by 0054 GMT. Prices rose 1.6% last week.
U.S. West Texas Intermediate crude CLc1 was down by 12
cents, or 0.2%, at $56.08 a barrel. WTI gained 1% last week.
An emergency meeting with parties to Iran's 2015 nuclear
deal was constructive but there are unresolved issues and Tehran
will continue to reduce its nuclear commitments if Europeans
fail to salvage the pact, Iranian official Abbas Araqchi said on
Sunday. "The atmosphere was constructive. Discussions were good. I
cannot say that we resolved everything, I can say there are lots
of commitments," Araqchi, the senior Iranian nuclear negotiator,
told reporters after the meeting in Vienna.
The meeting did not include the United States, which pulled
out of the agreement in May 2018 and slapped sanctions back on
Iranian oil exports.
Still, tensions remain high around the Strait of Hormuz, the
world's most important oil passageway, as Iran refused to
release a British-flagged tanker it seized but granted India
consular access to 18 Indian crew members.
Denmark welcomed the British government's proposal for a
European-led naval mission to ensure safe shipping through the
strait.
The United States is also working on a multinational
maritime security initiative in the Gulf. Traders and investors are also focussed this week on
meetings of major central banks including the U.S. Federal
Reserve, which is expected to lower interest rates.
U.S. economic growth slowed less than expected in the second
quarter with a boom in consumer spending, strengthening the
outlook for oil consumption. Growth outside the United States is slowing faster due
partly to the impact of the U.S.-China trade war. Senior U.S.
and Chinese negotiators are meeting this week for the first time
since trade talks broke down in May. A positive outcome may
boost crude prices, analysts said.