Oil Prices Are Falling on Global Markets: The Main Reasons
30 June 12:34
The oil market is falling on Tuesday, June 30, with traders awaiting the next round of talks between Iran and the U.S. in Doha and monitoring the situation around the Strait of Hormuz, reports "Komersant Ukrainian", citing Interfax-Ukraine.
The price of August Brent futures on the London ICE Futures exchange stood at $72.26 per barrel as of 8:20 a.m., which is $0.89 (1.22%) lower than at the close of the previous trading session. On Monday, prices rose by $1.16 (1.6%) to $73.15 per barrel.
The trading period for August Brent contracts ends on Tuesday. Prices for the more actively traded September futures fell by $0.45 (0.61%) to $73.46 per barrel.
Watch us on YouTube: important topics – without censorship
WTI crude oil futures for August delivery on the New York Mercantile Exchange (NYMEX) have so far fallen by $0.67 (0.95%), to $70.08 per barrel. At the close of the previous session, their price had risen by $1.52 (2.2%) to $70.75 per barrel.
“Investors are pricing in hopes for a positive outcome from the talks in Doha, although there are no signs yet of a real normalization of shipments through the Strait of Hormuz,” notes KCM Trade analyst Tim Waterer.
“The market remains cautiously optimistic but will continue to play it safe until there are more convincing signs of de-escalation in the region,” Waterer added.
Last weekend, the U.S. and Iran exchanged strikes again, demonstrating the fragility of the truce they had reached. It later emerged that the parties had agreed to halt mutual attacks and scheduled technical talks for Tuesday in Doha, the capital of Qatar.
U.S. President Donald Trump announced U.S.-Iranian talks in Doha. However, Iranian Foreign Ministry spokesman Ismail Baghai later stated that Tehran does not plan to have any contact with the American side in Qatar in the coming days.
Oil prices have remained at record lows since late February. In June, Brent futures with the nearest delivery date fell by 21%, while WTI futures fell by 18%.
Read us on Telegram: important topics – without censorship
