Oil gets cheaper on expectations of an increase in supply

Oil quotes are falling. By 7.56 Moscow time, a Brent crude barrel fell to $93.92, or 0.94% against the closing price of the previous trading session. The cost of a WTI crude barrel fell to $92.75, or 0.97%. Investors are waiting for an increase in the oil market supply. The cause for it was the beginning of negotiations between the United States and Iran. According to open information, these countries have already managed to agree on the deal’s domestic terms. If the agreement is signed shortly, by the end of the year deliveries to the market may increase by 900,000 BPD. Investors are also evaluating data from the US Energy Department on the dynamics of raw material stocks. Last night, the agency reported that national oil reserves increased last week by 1,100,000 barrels to 411,500,000 barrels. At the same time, experts assumed that the volume of oil reserves in the United States decreased by 1,600,000 barrels.


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Arseny Kudrin

Publicist, trader

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