Oil Extends Fall As West Agrees To Lift Sanctions On Iran

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Oil prices fell around 2 percent on Thursday after Iran’s president said the broad outline of a deal to end sanctions on its oil had been reached.

Brent crude futures for July settlement fell 2.2 percent to $65.25 a barrel amid uncertainties around global supply and potentially lower global demand in the short-term due to a second coronavirus wave raging in India.

West Texas Intermediate Crude oil futures for June delivery were down a little over 2 percent at $62.06 a barrel.

In comments released by the Iranian Fars News Agency, President Hassan Rouhani said that all parties to the talks have agreed to lift all major sanctions on oil, petrochemicals, shipping, insurance, the central bank and so on.

Iranian Deputy Foreign Minister Seyed Abbas Araghchi stressed that some key issues still have not been decided.

Crude oil prices were also weighed down by inflation concerns and data showing an increase in U.S. crude stockpiles.

As inflation risks mount, investors fear that there would be major shift in the approach of central banks.

According to minutes from the Federal Reserve’s April meeting, a number of officials said talking about tapering might be needed at an upcoming meeting.

The material has been provided by InstaForex Company – www.instaforex.com

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