Oil price falls to $95 a barrel
Oil prices fell on Tuesday, as Brent crude fell to $95.31 a barrel. US West Texas Intermediate, on the other hand, fell to $89.51.
At the same time, Iran’s crude export will expectedly boost supply in the international market.
The expectation is hinged on the restoration of the nuclear deal agreement Iran had with the US, UK, France, China, Russia and Germany in 2015.
The ease of Iran’s relations with the world powers will definitely engender a boost in its crude export .
Under its terms, Iran agreed to limit its nuclear activities and open its facilities to more extensive international inspections in return for the relaxing of economic sanctions.
In 2018, Donald Trump, former US president, pulled out of the nuclear agreement but recently efforts were renewed to restore the deal.
On Monday, the European Union put forward a “final” text to revive the deal.
“What can be negotiated has been negotiated, and it’s now in a final text,” Josep Borrell, the bloc’s foreign policy chief, said in a tweet on Monday.
-Reuters/TheCable
