Oil closed sharply lower on Tuesday, sliding to its lowest level since January, before Russia’s invasion of Ukraine, as economic data continued to fuel worries about a global recession and as investors awaited more data on the course of negotiations on Iran’s nuclear program.
In particular, the September crude contract lost $2.88 or 3.2% and closed at $86.53 a barrel. This is the lowest close since January 25th.
October Brent also closed at its lowest level since February 10, falling to $92.34 a barrel.
The European Union and the United States announced today that they are studying Iran’s response to the EU’s “final” draft text. to save the 2015 nuclear deal. For its part, Tehran called on the US to show flexibility to resolve the remaining issues.
A deal on Iran’s nuclear program would pave the way for Tehran to resume exporting Iranian oil to world markets.
Meanwhile, weak economic data continues to weigh on investor sentiment.
In the US, home construction fell in July to a near 18-month low. Meanwhile, in China, the central bank cut interest rates in a bid to boost demand as the country’s economy slowed further in July.
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
