Oil prices decline amid anticipation of peace talks and US inventories
Oil prices fell today, Wednesday, as talks aimed at an agreement to end the war between Iran and the United States continued, with the market awaiting US oil inventory data.
Brent crude futures fell 62 cents, equivalent to approximately 1%, to reach 72.33 $a barrel at 11:56 GMT, while the price of US West Texas Intermediate crude fell 38 cents, equivalent to approximately 0.6%, to reach $69.12 per barrel, its lowest level since February 27.
A source familiar with the talks and an Iranian official told the agency "Reuters"that the United States and Iran held technical talks in Doha to agree on the mechanism for the passage of ships through The Strait of Hormuz and ensuring a permanent ceasefire.
The price of Brent crude fell by about $45 per barrel in the second quarter of this year, recording its largest quarterly loss since the global financial crisis in 2008.
At the same time, US crude oil futures fell by about $31, recording its largest quarterly loss since 2020, when the Covid-19 pandemic led to the collapse of global demand for oil.
Magda Chamberriard, CEO, stated that For a company "Petrobras" Brazilian, agency "Reuters"said that oil prices appear to have stabilized within a new range of between $72 and $75 per barrel, although the market has not yet fully stabilized, and the conflict in the Middle East is still casting a shadow of uncertainty.
In the meantime, the markets are awaiting US crude oil inventory data, which will be released at 10:30 AM EST (14:30 GMT) on Wednesday.
Market sources said, citing data. From the American Petroleum Institute, US crude oil inventories fell again last week.
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