Oil prices continue to land and inspect 2% amid optimism about talks with Iran

Oil prices fell for the second consecutive day by 2%, after a report indicating Iran’s readiness to abandon nuclear weapons within an agreement with America, in exchange for lifting sanctions.

Texas raw fell to $ 62 a barrel, while Brent traded near $ 65, and NBC reported, quoting an Iranian official, that Tehran was ready to sign an agreement on certain conditions.

The crude prices fell yesterday, Wednesday, after government data showed that US stocks recorded the highest increase since March, ending a 4 -day rise in a 10%climb, and this rise was driven by a commercial truce between China and America, and the escalation of President Donald Trump his hostile accent towards Iranian supplies.

Glamor to the supply

Despite these moves, oil is still 13% low since the beginning of the year, and American producers have indicated that they do not expect a significant change in prices before the end of the year, and it is expected that increasing Iran’s supplies will contribute to an exacerbation of a potential vaccination in the market at a later time this year, especially after the OPEC and its allies began last month to restore the supplies that have been suspended since 2022.

According to a monthly report issued yesterday, Wednesday, the group added only 25 thousand barrels per day in April, which is a small part of the prescribed increase of 138 thousand barrels per day, and the coalition is scheduled to consider another increase in production during a meeting on the first of next June.

For its part, the International Energy Agency, which provides advice to the consuming countries and its reports closely follows by traders, will issue their latest estimates on the offer and demand today, Thursday.