Oil prices are falling on Monday, April 21, amid signs of progress in the US-Iran talks, while investors continue to worry that tariffs imposed by Washington on trading partners will create downside risks to the economy, which could affect fuel demand, Reuters reports.
Brent crude futures fell 2.77% to $66.08 per barrel, while WTI fell 2.91% to $62.8 per barrel.
“The positive nature of the US-Iran talks gives grounds to consider a deal possible,” said Harry Tchilinguirian of Onyx Capital Group. “As a result, Iranian oil will remain on the market.” He added that reduced liquidity in the markets due to the Easter holidays could increase the amplitude of price fluctuations.
Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman will increase oil production by 411,000 barrels per day from May – about three times more than originally planned.
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