NextGen Day

Tuesday saw a little increase in oil prices as traders profited from people selling their oil after Monday’s low prices. Gains were, however, constrained by supply concerns following the European Union and G7 governments’ ban on Russian oil and price restriction at $60 per barrel.

At 9:54 a.m. local time (06:54 GMT), the price of international benchmark Brent crude was $83.20 per barrel, up 0.63 percent over the previous trading session’s closing price of $82.68 per barrel.

American benchmark West Texas Intermediate (WTI), which closed the previous session at $76.93 a barrel, was trading at the same time at $77.41 per barrel, up 0.62 percent.

Positive services sector data rekindled concerns that the United States Federal Reserve may raise rates more significantly than anticipated next week, causing Brent oil to drop more than $5 a barrel on Monday.

Despite the majority of experts’ warnings about a potential recession next year, economic activity in the US services sector grew in November, prompting investor fears about the Fed hiking interest rates again on December 14.

Due to traders taking advantage of reduced prices, both benchmarks somewhat reversed their daily losses.

Although OPEC+ countries decided to maintain their production cut policy in the face of the EU’s ban and price limitation on Russian oil shipments, price increases were nevertheless constrained as supply fears grew.

Following Iran’s declaration on Monday that it would not consent to the continuation of nuclear talks with the West under duress or threat, supply concerns increased further.

Nasser Kanaani, a spokesperson for the foreign ministry, was quoted by the state news agency IRNA as saying that Iran “is still committed to the negotiation process and strives to resolve it, but it will not negotiate on the premise of the need for conversations.”

Kanaani claimed that although Washington withdrew from the Joint Comprehensive Plan of Action (JCPOA), also known as the Iran nuclear deal, Tehran has complied with its terms.

Iran, the US, China, Russia, France, the UK, Germany, and the EU all signed the Iran nuclear agreement in 2015.

According to the accord, international powers agreed to lift their economic sanctions against Iran in exchange for Tehran’s commitment to restricting its nuclear activity to peaceful uses.

Iran stopped complying with the nuclear deal after the US unilaterally exited the pact in 2018 under former US President Donald Trump and re-imposed sanctions on Iran.

Iran will be allowed to export oil once again if the agreement is properly renegotiated, allaying market concerns over the supply shortage.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

Feel free to Email Us for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---