March 29, 2023

Dubai Week

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The oil is constantly declining

The oil is constantly declining

Crude oil prices extended to a loss on Thursday, with US crude falling below $ 80 a barrel after Iran and world powers agreed to resume nuclear talks this month.
US West Texas Intermediate crude was down 88 cents or 1.1% at $ 79.98 a barrel on the third day, while Brent crude futures continued their loss in the second session, with contracts for January delivery down 66 cents or 0.8% to $ 81.33. A barrel.

Yesterday, Wednesday, the two benchmarks recorded the biggest percentage decline since the beginning of August, closing Brent at its lowest level since October 7, and its lowest level since October 13, after data released by the U.S. Energy Information Administration. Bigger-than-expected increase in U.S. crude oil stocks last week.

“Last night’s drop in oil prices was due to an increase in US reserves, and Iran’s announcement that the United States and Iran would renegotiate the nuclear deal was the biggest driver of the fall in oil prices,” said commodity analyst Vivek Thar. The Commonwealth Bank said in a statement.

Iran and the major powers will resume talks on November 29, and Iran is demanding that the United States lift sanctions on its oil exports.

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