The news of the lifting of economic sanctions on Iran and the slight increase in crude stocks in the United States increased pessimism allowing international price temporarily reached US $ 29.96.
On Wednesday the benchmark Brent oil price reached to touch US $ 29.96 on a day where he has a fall of 2.11% remained at US $ 30.21 according to Bloomberg. Meanwhile, the WTI is at US $ 30.40 in New York (-0.13%).
Two events in the oil sector led to the historic low not seen since April 2004.
On the one hand, after the US government’s Energy Information Administration (EIA) reported that crude oil inventories in the US rose to 234,000, although it was lower than analyst expectations of 2.5 million, fueled pessimism oversupply on the global hydrocarbon, Reuters reported.
Moreover, and more importantly, in the expectation that this Monday will lift economic sanctions on Iran, oil fell to 2.9% in London.
Rokneddin Javadi, head of National Iranian Oil Co. said last month, as Shana news agency that “500,000 barrels a day of exports will be added in the week following the removal of sanctions and 1,000,000 within six months next “.
Therefore, analysts at Morgan Stanley warned on Wednesday that rising oil demand could be lower than previously expected.
In addition, the potential call an emergency meeting by the Organization of Petroleum Exporting Countries (OPEC) also lost steam on Wednesday after Iran’s oil minister said he had not received any request of this nature.