New York. The price of Texas Intermediate Oil (WTI) closed yesterday with a decrease of 2.2% to settle at 89.36 dollars, falling off its maximum price in seven years.
According to data at the end of operations on the New York Mercantile Exchange (Nymex), WTI futures contracts for delivery in March fell 1.96 dollars compared to the close of the previous session. The reference oil lost value due to the progress in the nuclear negotiations with Iran that have been resumed in Vienna, and after Washington lifted certain sanctions on Tehran last day 4.
“The US government is attempting to tame oil prices by urgently negotiating a new nuclear deal with Iran, a move that could reintroduce more than a million barrels of Iranian crude to the market,” said Rystad Energy’s Louise Dickson. Still, she added that the market has more room than before for potential Iranian crude because OPEC members have fallen short of their production targets.
