InstaForex

October 29, 2021

The First Loss of Oil Prices After Rocketing for Weeks

 Oil prices headed for their first decline this week after being impacted by an increase in U.S. crude supplies and reports of Iran resuming nuclear talks that could end sanctions on it.


Brent crude traded slightly higher at $ 83.90 a barrel, after slipping to a two -week low on Thursday.


Meanwhile, US WTI crude futures traded at $ 82.88 a barrel.



Both benchmarks are on track to record a decline of around 1% this week, being the first weekly decline in 10 weeks for WTI trading and the first for Brent in 8 weeks.


Two U.S. crude oil supply data published this week showed a higher -than -expected increase, causing oil prices to decline from previously recorded annual highs.


Meanwhile on Wednesday, Iran said talks with six world powers would resume in late November, aimed at reviving the 2015 nuclear deal.


Investors are now looking forward to the OPEC meeting next week (November 4), where analysts expect them to stick with plans for an additional 400,000 barrels a day per month until April 2022.