Market showed higher volatility on West Texas Intermediate (WTI) crude oil futures, as well as on Brent crude oil futures during Tuesday session as already high global supplies could face another bearish pressure from iranian oil output if the US and Iran reached an agreement and sanctions were lifted.
In this case we could see WTI dropping even below $40 level and Brent back below $50 threshold.
Already lagging demand, related to actual condition of global economy is not providing essential support for prices as well, waiting for stronger recovery. The only boosting news came from Yemen, where ongoing attacks of Saudi Arabia helped to correct prices higher.
Oil Prices Cautious As Iran Oil Sanctions Could Shake Markets
