Another Week of Losses for Oil

Oil prices end the week on a grim note as they continue to fall. The dollar-denominated oil prices went down after the announcement of another 75bps interest rate increase. In spite of the supply cap resulting from Moscow’s new mobilization campaign in its war. Moreover, the dead silence on the topic of the Iran nuclear deal hasn’t helped the situation.

Friday morning Brent’s crude futures contract traded 46 cents lower with each barrel at a rate of $90.00. This constituted a 0.5% loss in the Brent crude futures contract. On the other hand, the West Texas Intermediary crude futures also traded low selling at a rate of $83.03. The WTI futures were down by a loss of 46 cents, or 0.55%.

Moreover, the front month contracts of both instruments were down by 1.4% and 2.4% for Brent and WTI respectively.

Though the market conditions and supply concerns should make oil prices reach levels higher than the current $80 however the looming recession has kept prices capped to lower levels.

Moreover, the talks between Europe and Tehran on the 2015 Iran nuclear deal revival have continued to lag on the account of Tehran’s insistence on the closure of the U.N. nuclear watchdog’s investigations.

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