World oil prices in the course of trading on Tuesday continued to decline against the background of uncertainty regarding plans of oil-producing countries to freeze the production and determination of Iran to increase production.
May futures for Brent crude on London’s ICE Futures exchange to 7.50 Moscow time has fallen in price on 0,8% – to 39,20 USD per barrel. On Monday, the contract fell more than 2 percent. Quotes of WTI oil futures for April on trading on the new York Mercantile exchange (NYMEX) had dropped by 0.7% to 36,91 USD per barrel, reports “Finmarket”.
Iran is ready to join the initiative to freeze production only after the return of production at dosection level, confirmed by energy Minister Alexander Novak after the meeting with the Minister of oil of Iran Bizhan Namdar Zangane.
Desanctions level corresponds to about 4 million barrels of oil per day, which is one third above the current level. Iran’s actions can reduce the willingness of other oil-producing countries to freeze the production of raw materials.
It is expected that the meeting of oil-producing countries will be held in April in Doha, according to Bloomberg.
At the same time the market expects this week’s data release on the further growth of stocks of fuel in the U.S., which confirms the continuation of the imbalance in the market.
On Monday oil quotations decreased on the statements made by the representatives of Iran’s intention to increase production.
At the end of trading on 14 March the price of the may contract for Brent crude on the ICE stock exchange in London has decreased on 0,86 dollar (-2,13%) – to $ 39.53 per barrel.
The April futures for WTI on the new York Mercantile exchange NYMEX fell by 1.32 per dollar (-3,43%) and amounted 37,18 USD per barrel. The may contract fell by $ 1.25 (-3,12%) and amounted to $ 38,84 dollars.