Oil Holds Decline as Potential Iran Deal Raises Supply Concerns

Iran Nuclear Deal Would Give a Little Boost to Global Oil Supply

The prospect of a deal over Iran’s nuclear program saw oil fall sharply on Thursday. The reality is that Tehran has relatively little extra crude that it can bring back — but it could arrive in a market that’s gearing up for surplus.

A “Bloomberg” research estimated the country’s production in 3.35 million barrels per day in April

WTI drops to near $60.50, crude Oil slides 3% on US-Iran nuclear deal hopes

WTI cost come by about 3% on Thursday due to intensifying worries of an international supply surplus. Trump commented, “I believe we are getting really near to a handle Iran. Iran has actually consented to the terms.” United States EIA reported a considerable crude stock boost of 3.5 million barrels recently, raising stockpiles to 441.8 million barrels. West Texas Intermediate (WTI) Oil cost fell by around 3% on Thursday, extending the previous …