Arab Canada News
News
By م.زهير الشاعر
Published: February 7, 2022
Oil prices fell on Monday due to expectations that talks between the United States and Iran on reviving an agreement imposing restrictions on the development of nuclear weapons by the OPEC member country are nearing completion, which will increase the supply of crude oil, although concerns about global supplies limited the losses.
The administration of U.S. President Joe Biden on Friday reinstated Iran's exemption from sanctions to allow international nuclear cooperation projects as talks on the 2015 international nuclear agreement entered their final stage.
If the United States lifts sanctions on Iran, it could increase oil shipments, leading to a rise in global oil supply.
Brent crude fell 53 cents or 0.6 percent to $92.74 per barrel by 0055 GMT, after rising $2.16 on Friday.
West Texas Intermediate crude fell 74 cents or 0.8 percent to $91.57 per barrel after rising $2.04 in the previous session.
Both benchmark crudes reached their highest levels in seven years on Friday, continuing their climb for the seventh week due to ongoing concerns about supply disruptions.
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