Oil prices are falling today, as Brent crude fell 58 cents to 121.02 a barrel, and West Texas Intermediate crude futures fell 96 cents to $113.97 a barrel, on hopes of a nuclear deal with Iran.
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Brent crude futures fell 58 cents, or 0.48%, to $121.02 a barrel
Oil prices fell in volatile trading today, Thursday, as investors evaluate the possibility of new supplies in markets experiencing a lack of oil supply, amid hopes Concluding a new nuclear deal with Iran.
Brent crude futures fell 58 cents, or 0.48%, to $ 121.02 a barrel by 05:02 (GMT), and West Texas Intermediate crude futures fell 96 cents, or 0.84%, to $ 113.97 a barrel. The two contracts rose by two dollars and a dollar, respectively, in early transactions.
US National Security Adviser Jake Sullivan said on Wednesday that the United States and its allies have made progress in nuclear talks with Iran, but there are issues remaining.
The two crudes have made significant gains this week, as Brent crude futures have increased by more than $14 a barrel, or 13% since last Monday, and West Texas Intermediate crude has jumped more than $10, or 10% a barrel, with increased fears of supply disruptions after Russian military operation in Ukraine.
US crude stocks fell 2.5 million barrels last week, while US strategic oil reserves fell 4.2 million barrels, according to data from the US Energy Information Administration. Market players were expecting a small increase in supplies.