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Oil: Prices rise after a 3% fall

25/05/2021
Categories: Index/Markets

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Oil raises its head and monitors the Iranian nuclear negotiations. Oil prices recovered on Monday after losing around 3% the previous week.

On the oil market, investors remain attentive to the breaks and progress in the negotiations on the Iranian nuclear. Around 09:30 GMT (11:30 a.m. in Paris), a barrel of Brent from the North Sea for delivery in July was worth 67.67 dollars in London, up 1.85% compared to Friday's close. In New York, a barrel of WTI for the same month gained 1.73% to 64.68 dollars.

Phillip Futures analyst Avtar Sandu comments that crude oil is rebounding but remains cautious about the likely flow of black gold from Iran. The United States said on Sunday that it had not yet seen concrete signs of Tehran's willingness to "do what is necessary" to comply with the international Iranian nuclear agreement and thus allow the lifting of certain American sanctions. The Iranian oil industry is subject to an embargo by the United States, but an improvement in relations between Washington and Tehran could lead to the easing of these sanctions and therefore to the arrival on the market, which is already struggling to sell its stocks, of a large volume of black gold.

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