Oil prices slipped on April 21 as traders grew wary of the impact that the US-led trade war could have on energy demand, while also monitoring ongoing nuclear talks between the US and Iran.
Global benchmark Brent crude saw a decline of over 1 per cent, approaching $67 per barrel, reversing a two-day upward trend, while West Texas Intermediate (WTI) fell below $64, Caliber.Az reports via foreign media.
Market participants are awaiting key economic data this week that could shed light on how President Donald Trump's trade policies are impacting the US economy, potentially providing new direction for oil prices.
Iran's foreign minister announced that the country now has a "better understanding" with the US on several key principles after more than three hours of negotiations on Tehran's nuclear programme on April 19. The discussions are scheduled to continue on April 23 in Oman and have the potential to influence Iran’s crude oil exports. Oil prices have suffered a sharp decline this month, briefly reaching a four-year low, as fears mount that the ongoing tariff disputes and counter-tariffs between the US and major trading partners, particularly China, could reduce demand for crude.
The drop has been further compounded by the decision from OPEC+ to accelerate production, fueling concerns about an oversupply in global markets. Meanwhile, in Ukraine, President Volodymyr Zelenskyy accused Russian forces of violating a truce declared by Russian President Vladimir Putin on Easter Sunday (April 20). The US has also put forward a proposal to ease sanctions on Russia if a lasting ceasefire is achieved. The trading volume in crude futures is expected to be lower than usual on Monday due to several countries observing holidays in celebration of Easter.
By Naila Huseynova
Source: caliber.az
scorpion.az