Slightly declining trends are observed in the oil market as investors assess the possibility of a new supply in the markets, amid prospects for a new agreement with Iran.
Brent futures fell 58 cents, or 0.48%, to $ 121.02 a barrel, and US West Texas Intermediate futures fell 96 cents, or 0.84%, to $ 113.97 a barrel.
Both contracts rose $ 2 and $ 1 respectively.
White House National Security Adviser Jake Sullivan said the United States and its allies have made progress in talks on Iran’s nuclear program, but issues remain.
“A possible lifting of Iranian export restrictions would help alleviate the huge bottleneck in the current crude markets,” said JBC Energy.
Iran is already preparing for an increase in exports, and the state-owned NIOC refinery is said to have begun reaching out to former key customers in India and South Korea.
Both Brent and WTI have risen sharply this week, with Brent hovering at $ 14 a barrel or 13% as of Monday and WTI rising $ 10 a barrel or 10% as concerns intensify. for supply breaks.
Yesterday, they rose more than 5% after news that crude exports from Kazakhstan’s terminal, Caspian Pipeline Consortium (CPC), had stopped altogether after damage caused by a storm.
Meanwhile, US stocks fell 2.5 million barrels last week, while strategic stocks fell 4.2 million barrels.
Source: Capital
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