2 minutes agoOil prices drop to lower level of last two weeks
Periskopi(2 months ago)
(2 months ago)Oil prices have seen decline at the lowest level of the past two weeks, following increasing hopes of a possible deal between the United States and Iran, which could affect the stabilisation of global energy markets.
According to reports, after Pakistan's statement that it expects a fast US deal, the price of a standard oil barrel dropped by about 4 percent, dropping to just over 96 dollars.
This is the lowest registered level since 21 April, writes Skynews.
Market experts estimate that any price below $100 per barrel is seen as a positive development for consumers and global economies, reflecting an easing of pressure caused by tensions and war in Iran.
Prior to the outbreak of the conflict, oil was traded around $77 per barrel, but prices have remained up and running since early March, as a result of geopolitical uncertainty and supply cuts.
Early price hikes are mainly related to restrictions on the Strait of Hormuz, one of the most important maritime routes for global energy trade, which is under Iran's influence. By this strait, it usually passes about one fifth of the world's liquid oil and natural gas.
