Oil prices fell after news of nuclear talks between America and Iran
Oil prices fell today, Wednesday, amid influential fluctuations caused by geopolitical and economic developments. The Omani Foreign Minister announced a new round of nuclear talks between Iran and the United States this week, which negatively affected prices.
While prices rose earlier in the session after a CNN report referred to intelligence information about possible Israeli preparations to strike Iranian nuclear installations, which final decisions are still unclear, according to US officials.
At the end of the session, Brent crude futures decreased by 0.7% to $ 65.30 a barrel, while West Texas Intermediate crude fell by a similar rate to $ 61.57.
Iran is the third largest oil producer in OPEC, and any escalation that might affect its supplies, but the wali of Restad Energy expected that OPEC might compensate for any temporary decrease in supplies.
The US Energy Information Administration stated that US stocks of crude oil, gasoline and distillation products recorded unexpected increases last week, as stocks rose to 443.2 million barrels, while in Kazakhstan, oil production increased by 2% in May, defying pressure to reduce production from the OPEC+alliance.
These developments come amid the United States and Iran attempts to resolve the dispute over the nuclear program, while US sanctions continue to influence Iranian oil exports.
