Crude Oil Futures Settle Sharply Lower

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Crude oil prices fell sharply on Thursday, extending losses to a third straight day, as signs of progress in Iran nuclear talks raised expectations that global crude supply will see a surge in the near term.

Worries about outlook for energy demand due to the surge in coronavirus cases in Asian countries and possible stricter restrictions on movements in several places in Asia weighed on oil prices.

West Texas Intermediate Crude oil futures for June ended down by $1.31 or about 2.1% at $62.05 a barrel on the expiration day.

West Texas Intermediate Crude oil futures for July settled at $61.94 a barrel, losing $1.41 or about 2.2%.

Brent crude futures settled at $65.11 a barrel today, down $1.55 or 2.3% from the previous close.

Iran’s president Hassan Rouhani said the broad outline of a deal to end sanctions on its oil had been reached. According to the Iranian Fars News Agency, 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.

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

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

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