According to the online economy report, quoted by Mehr, the price of Brent crude oil decreased by 77 cents, equivalent to 1.1%, to 70 dollars and 80 cents per barrel by 02:56 (GMT).
US West Texas Intermediate (WTI) oil also traded down 84 cents, equivalent to 1.2%, to $67 and 74 cents per barrel. Both oil indices decreased by more than one percent in yesterday’s trading (Wednesday) and reached the lowest level in the last four months.
The Ministry of Foreign Affairs of Qatar recently announced the achievement of “positive progress” in the process of these talks after the end of the separate meetings of the mediators with the negotiators of Iran and the United States in Doha. The ministry stated: During these talks, positive progress has been made regarding the issues related to the memorandum of understanding, according to the outputs and results of the summit in Switzerland.
According to this report, analysts believe that the Strait of Hormuz remains open and the continued flow of oil exports has strengthened the expectations of oversupply and fueled the decline in prices.
Informed sources also announced that OPEC+ member countries will most likely agree to increase the production ceiling from August at the meeting on Sunday. At the same time, UBS Bank (UBS) also lowered its forecast of the Brent oil price, citing the Iran-US agreement and the increase in oil transportation through the Strait of Hormuz, although it stressed that it is still too early to draw conclusions about the full return of the market to normal conditions.
