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4 minutes agoOil prices stabilise amid US peace efforts
Periskopi(an hour ago)
(an hour ago)Oil prices were stable Friday and changed slightly during the week, while businessmen hoped for a successful result from efforts to secure peace between the United States and Iran.
The next oil contracts, Brent fell by 8 cents, or 0.011%, at 71.72 dollars in barrels by 1:09 GMT. West Texas Intermedia oil fell by 22 cents, or 0.32%, to 68.47 dollars per barrel.
During the week, Brent and WTI have lost about 0.3%.
US markets will close Friday before the US Independence Day holiday on Saturday.
On Thursday, the two oil indexes reached their lowest levels since the beginning of the US-Israel War against Iran in late February, reports Reuters, broadcast Klankosova.tv.
Oil prices were under pressure, while investors' expectations for a full reopening of the Hormuz Strait were supported by peace talks between the US and Iran, Commerzbank analysts said.
The process of reaching the US-Iran Agreement remains fragile, but continues at the moment, as the tax and management issue of the Hormuz Strait remains controversial,” writes Citi analysts Friday.
We expect the Memorandum of Understanding to stay, not because trust has emerged unexpectedly, but because incentives to break down are weak for both sides. ”
Some transport has been resumed through the Hormuz Strait, as required under the original US-Iran deal, but uncertainty is high after the two countries exchanged attacks last weekend following an Iranian attack on a cargo ship.
With the prospect of being able to transport more oil, Gulf producers are working to increase production.
Oil production in Kuwait rose significantly to 1.65 million barrels a day in June, up from 580,000 barrels a day in May, a close source of the issue for Reuters said Thursday.
At least five supertankers carrying a total of 10 million barrels of Saudi oil have left the Strait of Hormuz and Saudi Aramco (2222.SE), opening a new tab, has gone to spot prices from long-term contracts to speed up sales in Asia, according to commercial sources and shipping data.
A steady recovery of crude oil prices is more likely to materialise as oil currently trapped in tanks and is kept in storage by the market, and if production recovery results insufficient to compensate for the volumes passing through the Strait of Hormuz”, the analyst said. PVM, Tamas Varga.
