American crude contracts rise by more than two dollars

US crude futures rose by more than two dollars after a report published by the American channel “CNN” on the preparation of Israel for a possible strike on Iranian nuclear facilities.

Oil prices have witnessed stability today, Tuesday, in light of the blurring surrounding the ongoing talks between the United States and Iran, and peace negotiations between Russia and Ukraine. Where Brent crude futures decreased at a settlement by 0.2% to $ 65.38 a barrel, and US West Texas Intermediate crude contracts decreased by a similar rate upon settlement to reach $ 62.56 a barrel.

Analyst Alex Hodes stated that any agreement will allow Iran to increase its oil exports at a rate ranging between 300 to 400 thousand barrels per day if the sanctions are reduced.

Regarding the Ukrainian crisis, the European Union and Britain imposed new sanctions on Russia. At the same time, Ukraine is calling for the Group of Seven to reduce the ceiling of Russian oil, which is transferred by sea to $ 30 a barrel, from the current level of $ 60. Although analysts expected Russia more involvement in the oil market if the conflict is over, the commitment to the “OPEC+” agreement remains continuous.

In China, economic data showed a decline in the growth of industrial production and retail sales, which increases pressure on oil prices with analysts expected to slow down from the world’s largest oil importer, indicating cautious expectations for the Chinese economy in the next stage.