Oil Dips From Seven Year Highs – 7 February, 2022

Oil prices eased ahead of possible talks between the U.S. and Iran which could lead to the removal of Iranian oil sale sanctions, helping increase global supply. Brent crude was 0.15% or 40 cents lower at $92.55 per barrel, having hit a seven year high of $94 the previous sessions. U.S. West Texas Intermediate crude was 1 cent lower at $91.31 per barrel. A strong global demand and Eastern European tensions pushed both contracts to seven year highs. Weaker prices might be short lived, however, as oil the market remains in a supply deficit.