A slight decline in oil prices amid anticipation of the results of the agreement between America and Iran
Oil prices fell slightly today, Wednesday, as investors awaited the results of the US-Iranian peace agreement, while uncertainty about the resumption of shipping traffic through $a barrel, and US West Texas Intermediate crude fell 12 cents to reach $75.93 a barrel.
Both indexes had fallen yesterday, Tuesday, by about 5% for the second session in a row, recording their lowest levels in 3 months, driven by hopes that the US-Iranian peace agreement would allow the flow of oil through the strait.
In a separate context, the data showed a decline in China’s production of Crude oil increased by 9.1% in May on an annual basis, recording its lowest level in nearly 4 years, which also indicates that refineries are beginning to deplete their stocks amid the Iranian war.
Sources citing the American Petroleum Institute reported that US crude oil stocks fell by 8.3 million barrels in the week ending June 12.
This decline exceeded expectations that indicated a decline of 4.6 million barrels, and The US Energy Information Administration is scheduled to release the official figures at 14:30 GMT, today, Wednesday.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
