That Oil price Declining for at least a few months prior to global supply growth, slower economic growth and investor concerns about fuel demand from commercial disputes.
That Crude oil reference Brent From 52 cents a barrel to 70.13 dollars a barrel. More than 3% of losses were accumulated during that week, down more than 14% this quarter.
Meanwhile, West Texas Intermediate (WTI) was 51 cents at 60.16 dollars a barrel. It dropped 4.3 percent on weekdays and dropped more than 20 percent since early October.
Stephen Brennock, an analyst at London's oil broker, PVM Oil, said, "The train of weakness will not stop." "Instead, the energy complex has extended its fall due to the increase in global supply and the weak demand outlook."
Oil peaked in October. US sanctions against Iran It can reduce a significant amount of crude oil inventory, reduce inventory in the oil market, and cause scarcity in some areas.
However, other major oil countries, such as Saudi Arabia, Russia, and the shale producing countries production Steadily, the lost barrel offset the barrel.
Meanwhile, US sanctions against Iran will probably not reduce supply as expected after Washington granted exemption to Iran 's largest buyers.This will allow you to purchase a limited amount of crude oil for at least six months.