Chance of Iran Supply Boost Causes Oil To Dip – 8 August, 2022

Oil prices dipped in early trade on the last ditch effort to revive the 2015 Iran nuclear accord, which would clear the way to boost its crude exports in a tight market. Brent crude futures fell 0.3% or 27 cents to $96.38 per barrel, paring a 1.8% gain from the previous session. U.S. West Texas Intermediate crude futures were 24 cents or 0.3% lower to $90.52 per barrel, having climbed 2% the previous session. A senior EU official said Iran could boost its oil exports by 1 million-1.5 million barrels per day, or up to 1.5% of global supply, in six months. Traders will be watching out for weekly U.S. oil inventory data, first from the American Petroleum Institute on Tuesday and then the Energy Information Administration on Wednesday.