Crude Oil Prices Fall as China Virus Cases Rise

In Tuesday’s Asia-Pacific trade, both the price of WTI oil and the price of Brent crude fell. The inventory statistics from the United States will be in the spotlight in the days ahead as China’s Covid difficulties continue. The price of WTI crude oil is in a negative technical stance below its key moving averages.

As the week got started, the price of crude oil went up due to a weaker dollar as well as supply worries, which stimulated purchasing. However, as trade in Asia and the Pacific region continues, prices for West Texas Intermediate (WTI) and Brent oil are beginning to retreat. The failure of discussions between Tehran and Washington to reach an agreement contributed to the rise in prices. The answer that Iran gave to a proposition that was offered by the European Union left Western officials feeling dissatisfied.

Iran is demanding that the International Atomic Energy Agency (IAEA) put an end to its inquiry, but the United States and the European Union would not agree to this demand. Following the comments made by US Secretary of State Anthony Blinken on Monday that a near-term solution is “unlikely,” the price of WTI recovered about one full percentage point of its previous losses. The attitude expressed by Mr. Blinken was echoed by German Chancellor Olaf Scholz. According to reports, Israel has given alarming evidence indicating that Iran is extremely near to possessing sufficient uranium of a quality suitable for use in a bomb.

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