WTI, the US crude oil benchmark, dropped sharply during Thursday\u2019s US trading session due to an \u201cunconfirmed\u201d report that the United States and Iran may be closer to a temporary nuclear deal, which could unblock sanctions imposed by the US on Iran oil exports. At the time of writing the American crude oil is trading around $71.40 per barrel.<\/p>\n\n\n\n
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The news suggests that if Iran agrees to reduce its uranium-enriched development, it could export up to a million barrels of oil daily and access frozen funds abroad.<\/p>\n\n\n\n
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However, WTI\u2019s fall was cushioned by over-the-weekend developments with the Organization of Petroleum Exporting Countries and its allies (OPEC+) meeting on Sunday, with Saudi Arabia agreeing to cut its crude oil output by 1 million barrels per day (bpd) in July, as the cartel tries to boost oil prices.<\/p>\n\n\n\n
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Another factor that capped WTI\u2019s fall was stockpiles in the US dropped last week by 451K barrels on June 2, as reported by the US Energy Information Administration (EIA).<\/p>\n","protected":false},"excerpt":{"rendered":"
WTI, the US crude oil benchmark, dropped sharply during Thursday\u2019s US trading session due to an \u201cunconfirmed\u201d report that the United States and Iran may be closer to a temporary nuclear deal, which could unblock sanctions imposed by the US on Iran oil exports. At the time of writing the American crude oil is trading …<\/p>\n","protected":false},"author":13,"featured_media":61355,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[8431,8826,6842,6909],"class_list":["post-85114","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-iran","tag-nuclear-deal","tag-us","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/85114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=85114"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/85114\/revisions"}],"predecessor-version":[{"id":85115,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/85114\/revisions\/85115"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61355"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=85114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=85114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=85114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}