menu

Homepage > News > The price of oil goes down as stocks rise. In the background, talks between Iran and the US

The price of oil goes down as stocks rise. In the background, talks between Iran and the US


WTI crude oil fell below $ 65 a barrel, following a report pointing to rising inventories, Bloomberg reports. In the background, there are reports of talks about the lifting of sanctions on Iran.

West Texas Intermediate fell below $65 yesterday, triggering the global Brent benchmark, which briefly broke above $70 a barrel on the same day. By 2:00 PM on Wednesday, Oil WTI fell to $64.09, and the price of Oil Brent Crude around $67.32 per barrel. Until the cut, crude oil was gaining in value, reaching 2-year highs.

brent crude cena

Oil WTI & Brent Crude prices – source

oil wti cena

 

The market declines were caused by the disclosure of information in the American Petroleum Institute report. According to them, last week, domestic crude oil inventories increased by 620,000 barrels, while gasoline and distillate stocks decreased. Thus, concerns about the efficiency of the supply chain have returned. Anyone who trades in the oil market well remembers the historic plunge in prices on April 20 last year.

Global forecasts

Bloomberg addresses issues that may affect future oil prices. The hitherto increases in the market were caused by growing expectations of the unblocking of the economy. Entering the post-pandemic reality should stimulate consumption and increase the demand for energy resources. We can count on lifting restrictions in Canada and other US states in a short time. The coronavirus pandemic is not extinguishing in India, on the other hand, the world’s largest oil importer.

In addition, the topic of talks on the US return to the broken nuclear deal with Iran also appears on the candlestick. If both sides agree and sanctions are lifted, the market could be flooded with Iranian oil. For now, however, experts are cautious in their forecasts and dampen the mood.

The global market should be able to absorb both additional supplies from Iran and OPEC + assuming the Gulf country deliveries will reach around 3 million barrels per day by the fourth quarter, but any announcement of a nuclear deal will impact sentiment – ING Group said on Wednesday.

Author: Izabela Kamionka

Are you a trader?

Help others and rate your broker! Use the search engine or find your broker on the list.



Ad:

Last news:

Weekly news summary

ForexRev: weekly summary [09/13 – 09/19/2021]

The largest Chinese developer, China Evergrande, is on the verge of bankruptcy. The total amount ...
Read More

On September 20, the DAX 30 index will change to DAX 40

Significant changes are coming in the German DAX stock index. The biggest of these is ...
Read More
Cypriot financial regulator cysec

George Theocharides appointed new head of CySEC

The Cyprus Securities and Exchange Commission (CySEC) appointed Dr George Theocharides as the new chairman ...
Read More

The largest Chinese developer, Evergrande, is on the verge of bankruptcy

Until recently, the world's largest real estate development company is threatened with bankruptcy, which may ...
Read More

Add a comment

Your email address will not be published. Required fields are marked *

 

Note: Opinions and posts on ForexRev.com represent personal opinions and views of their respective authors and should not be interpreted as recommendations to purchase or sell securities. ForexRev.org assumes no responsibility or liability for such content.
Go to top