Powerful price retreat in oil market, OPEC+ and Iran in play
Crude oil has been losing heavily in recent minutes. WTI is retreating from around $90 to $87, giving us about a 3% drop during the day. Brent crude is losing slightly less. There is no concrete information on the reason for such a move. The latest news on OPEC+ is that the group is 3 million barrels per day below its production target. In theory, this is positive information, but at the same time there is speculation that OPEC+ itself does not want to raise production too much for fear of a strong economic slowdown. The second piece of information that could influence the latest move is further positive news on the nuclear agreement and pressure on the US to start finalizing it. Iran reports that it is able to quickly raise production to 4 million barrels/d.
Source: xStation5
