WTI oil: the price per barrel remains under pressure

Renewed optimism over Iran deal puts pressure on oil prices

Oil prices remain under pressure in the short term after aborting a rebound attempt last week. Barrel prices returned to their recent lows of $86 for WTI and $92 for Brent against a backdrop of deteriorating economic prospects, but above all of the potential Iranian nuclear agreement which would allow the country to sell its oil again on the international markets.

Iran has sent Brussels a copy of its proposals to try to salvage the 2015 Iran nuclear deal after months of stalled negotiations between Washington and Tehran. The European Union and the United States said on Tuesday they were studying the proposals, but the spokesman for the US State Department has already indicated that the “major concerns” [de l’accord de 2015] have been “largely settled”, thus reviving speculation of an agreement and therefore of a potential lifting of the American embargo.

Iran had declared at the start of the war in Ukraine that its production allowed it to immediately add just over a million barrels a day to international markets, or about 1% of world consumption, which would allow ease supply tensions.

Oil is also under pressure due to the deterioration of the global economic outlook after the disappointing Chinese data.

WTI Oil Price Daily Chart – Key Levels

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