Oil closes falling and has biggest quarterly decline since 2020
Oil fell this Tuesday (30) and fell 20% in June, after the ceasefire signed between the United States and Iran increased the supply of the commodity with the release of Iranian exports. The move resulted in the biggest quarterly loss in oil prices since 2020.
Traded on the New York Mercantile Exchange (Nymex), WTI oil for August closed down 1.77% (US$1.25), at US$69.50 per barrel.
Brent for September fell 1.3% (US$0.96), to US$72.95 per barrel, traded on the London Intercontinental Exchange (ICE).
In the month, WTI fell 20.4% and Brent 19.9%. In the quarter, WTI fell 31.4% and Brent fell 29.8%. In the semester, WTI rose 21% and Brent rose 19.9%.
Oil fluctuated volatile in the session, amid conflicting information about negotiations between US and Iranian authorities. Envoys from US President Donald Trump, Steve Witkoff and Jared Kushner, arrived this Tuesday (30) in Doha, Qatar, for a possible meeting with representatives of the Persian country.
Iranian Foreign Ministry spokesman Esmail Baghaei denied holding diplomatic talks with the Americans, but said he had technical discussions to be held in Doha.
According to data from maritime monitoring platform Tanker Tracker, Iran has already exported 50 million barrels of oil since the US-imposed blockade was lifted two weeks ago to begin peace negotiations.
Still, for ING, the aggressive pace of the sell-off in the oil market is a surprise. With the drop in June, the commodity approached February's pre-war levels and recorded the biggest quarterly decline since the beginning of 2020, in the context of the Covid-19 pandemic.
"Price dynamics in recent weeks reflect a market that is treating this temporary ceasefire between the US and Iran as a permanent agreement", point out analysts at the Dutch bank.
According to The Wall Street Journal, a power struggle within Tehran is threatening peace talks, and hard-line Islamic Revolutionary Guard Corps (IRGC) military personnel are pushing for control of the Strait of Hormuz.
*With information from Dow Jones Newswires
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Source: CNN