According to the auction, the March futures price for North sea petroleum mix of mark Brent dropped to 29,32 dollars per barrel amid oversupply of raw materials on the market.
MOSCOW, 15 Jan. The price of Brent oil followed WTI down more than 5% due to the continuing oversupply of raw materials in the world and on the fears of investors for the return of Iranian oil to the market, according to AFP.
As of 15.56 GMT, the March futures price for North sea petroleum mix of mark Brent fell on 4,15% to 29,61 dollars per barrel. Earlier in the trading session, the price of Brent fell by more than 5% to 29,32 dollars per barrel. The price of February futures for oil of mark WTI have decreased on 5,34% — to 29,54 USD per barrel.
Sanctions against Iran could be lifted in the near future that will allow him to increase oil exports to already oversupplied world market. The country is preparing to send hundreds of thousands of barrels of oil to India, the fastest-growing oil market in Asia, and several European consumers.
Earlier in January, Iran’s Ambassador to Russia said Tehran was awaiting a decision on the lifting of EU sanctions in the coming days after confirmation by the IAEA of compliance with the nuclear provisions of the July agreement on Iran. After that, it became known that the EU has postponed the lifting of economic sanctions against Iran until January 28 as part of the technical measures required prior to confirmation of the agreement on the Iranian nuclear program.
“Now is not the time for the return of Iran to the market and for the country itself. It would be much better if Iran returned to the market when prices were about $ 100,” said analysts at Phillip Futures to Reuters.