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June 18, 2021

Iran Adds Grief To Oil Trade

 Crude oil traded gloomily for the second day in a row on Friday, as the US dollar continued to maintain its strengthening momentum ahead of weekend trading.

The benchmark Brent crude futures traded weaker at $ 72.40 a barrel, extending the 1.8% decline recorded in the previous session.

Meanwhile, US WTI trading was lower to around $ 70.40 a barrel, after falling 1.5% on Thursday.

On Wednesday, Brent crude oil trading touched its highest level since April 2019 while WTI hit its highest level since October 2018.

However, the recorded strengthening did not last long following the resurgence of the US dollar after the results of the FOMC policy meeting showed a faster -than -expected rise in interest rates.

The US dollar’s ​​jump to a two -month high against major rivals, has made oil prices more expensive for holders of most other major currencies.

Moreover, Iran’s top negotiator’s statement on Thursday on talks between Tehran and Washington to revive the 2015 nuclear deal also added to the negative sentiment of crude oil trading.

Iranian Deputy Foreign Minister Abbas Araqchi said that both sides had made good progress in the talks, but there were still important issues in the negotiations that needed to be resolved.