Oil prices fell for a third consecutive day after Qatar announced progress in talks with Iran and the US
Oil prices dropped nearly 1% on Thursday, marking a third consecutive day of decline, after Qatar announced progress in talks with Iran and the US.
The Qatari statement said that “positive progress” had been made in the talks, but there was no sign that either side was moving toward a lasting peace.
Brent futures fell 79 cents, or 1.1%, to $70.78 a barrel as of 06:42 GMT, while WTI crude dropped 84 cents, or 1.2%, to $67.74 a barrel. Both indicators fell more than 1% in the previous session.
As long as the strait remains open and crude oil flows continue, expectations of a supply surplus are increasing, and competition for market share is driving prices down.
Sources said Wednesday that OPEC+ oil-producing countries are likely to agree at their meeting on Sunday to further increase production targets starting in August.
By the way, tankers entering the Persian Gulf are lagging behind those leaving. It is still too early to assume full normalization, and price risk remains high.
The Qatari Foreign Ministry said that the next meeting between Iranian and US negotiators will take place after the funeral of Iran’s late Supreme Leader Ayatollah Ali Khamenei on July 9.
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