Brent crude and American crude (NYMEX) are heading to record weekly losses of more than 4% for the first time during 2022 at the end of the trading session of the closing week, today, Friday, February 18, with a loss of more than 2% until the middle of today’s trading and before the opening of the American markets, where Brent crude is trading at Levels of 91.09 dollars per barrel, down by 2.02%, while US crude (NYMEX) lost about 2.06%, trading at 89.87 dollars per barrel.
Crude prices were affected during the closing session of the week by fears of the return of Iranian exports to raise oil supplies, as the parties approached reaching an agreement to revive the 2015 Iranian nuclear agreement, and thus expectations rose for Iranian crude to return to the market soon.
US State Department spokesman Ned Price confirmed in his statements that his country is in the last stages of saving the 2015 nuclear agreement with Iran, while Tehran’s chief negotiator Ali Bagheri stressed that efforts to restore the agreement are closer than ever to an agreement.
On the other hand, heightened fears and tensions over possible supply disruptions resulting from the Ukrainian-Russian conflict play a role in limiting crude losses.
05/11/2024
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