Investing.com– Oil prices fell sharply on Monday on reports suggesting that Iran and Western countries were close to striking a deal that would lift sanctions on crude supply from the West Asian nation.
Oil prices rose on Monday (18 April) as concerns grew about tighter global supply, with the deepening crisis in Ukraine raising the prospect of heavier sanctions by the West on top exporter Russia.
The Organisation of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, met today to decide output for next year. Speculation had increasingly grown that fears of lower consumption due to potential Covid restrictions as well as the release of oil from reserves by a number of countries would lead to a decision […]
MELBOURNE (Reuters) – Oil prices were mixed on Friday, but headed for their first weekly losses in at least eight weeks after U.S. oil stocks rose more than expected, and Iran flagged it was resuming talks with Western powers which could lead to an end to sanctions.
The sharp rise in wholesale gas prices is spilling over into the oil market, with looming demand for electricity generation and heating likely to further spur the sector this winter.
