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Oil reached a minimum of 2 weeks amid negotiations with Iran

Oktober, 28 2021

Oil prices on Thursday fell to $81.62 per barrel, which was the lowest in the last two weeks. During the day, the asset managed to recover to $83.36 per barrel. WTI oil declined today to $80.67.

Pressure on the oil market was exerted by the news that Iran's negotiations with world powers regarding the country's nuclear program will begin before the end of November. A successful outcome of the negotiations could lead to the lifting of sanctions against Iran, including a ban on oil exports.

However, Tehran notes that even if negotiations resume and prove successful, it will most likely take some time to conclude an agreement and return Iranian oil to the market.

Additional pressure on the rate of «black gold» was exerted by yesterday's data from the US Department of Energy on crude oil reserves in the country. According to recent statistics, oil reserves in the United States increased by 4.3 million barrels in the week ended October 22 to 430.8 million barrels. Analysts had forecast a smaller increase of 1.9 million barrels.

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Pembaruan dan Prakiraan Pasar

Oil reached a minimum of 2 weeks amid negotiations with Iran

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