Oil Prices Drop Slightly - Possible Return Of Exports From Iran Scares Investors
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Oil Prices Drop Slightly – Possible Return Of Exports From Iran Scares Investors

Oil fell for the third consecutive session on Wednesday, as investors closed positions to profit from concerns that supplies from Iran could increase. However, losses have been limited by declining oil inventories in the United States, which is a positive sign for demand. Brent oil, the reference price on the London Stock Exchange, fell 0.1% to 90.7 dollars per barrel, while US crude oil, lost 0.2% to 89.18 dollars per barrel.

The world’s two main oil contracts fell 2% in Tuesday’s trade as Washington resumed indirect talks with Iran to reinstate the 2015 nuclear pact. The deal would lift sanctions on Iran’s oil exports, by allowing the growth of supplies in the market. Analysts say that in the face of these negotiations and while prices hit higher levels in 7 years last week, investors have become more cautious and taken profits.

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Governments around the world, from the US to Japan, are trying to tackle high oil prices while inflation has risen sharply. Crude oil and gasoline inventories fell last week, according to the American Petroleum Institute. Oil inventories fell 2 million barrels, while analysts expected an increase of 400,000. In Europe, tensions in Ukraine, which have boosted prices recently, eased as French President Emmanuel Macron said he thought steps could be taken not to escalate the situation after a meeting with Russian President Vladimir Putin.

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Zero-Covid Strategy Of China and Daily Market Analysis

Zero-Covid Strategy Of China and Daily Market Analysis