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Black gold is getting cheaper amid a series of news. The US President Donald Trump said that an increase in US duties to 35% was postponed until October 15 this year. The American leader is also ready to discuss the possibility of easing sanctions against Iran. Experts say that the current situation has significantly "rocked" the oil market.
Black gold fell in price yesterday on Wednesday, September 11, although the volume of raw materials in the US fell more than analysts had expected. A report by the US Department of Energy recorded a sharp drop in reserves. Experts attribute this to the fact that the data diverged greatly from the API forecasts published the day before. Stock statistics favored the bulls of the oil market more. According to the US Department of Energy, stocks of raw materials in the country decreased by 6.9 million barrels to 416.1 million barrels over the past week. This is 2% below the average for the last five years, experts emphasized. Production in the United States remained at 12.4 million barrels. Another reason for the collapse of oil was speculation regarding a reduction in the US rate. The situation was also influenced by the OPEC report, which refers to the growth of raw material production.
Currently, the price of Brent crude oil has dropped to $60.41 per barrel and continues to decline. The unstable dynamics of oil quotes was influenced by the reports of D. Trump, who considers the mitigation of sanctions against Iran to be acceptable. Such a statement caused the collapse of the Brent brand from $63 to $61 per barrel. The Iraqi Oil Ministry reacted to this message, saying that the possible lifting of restrictions from Iran should not greatly affect the global black gold market due to strong domestic demand.
Experts believe that the price of a barrel of Brent will stay just above $60 for this month and the reaction from the foreign exchange market will be minimal. However, a further fall is not excluded as reflected in serious fluctuations in the oil market.
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