OIL PRICE: NEAR $92
Vladimir Vinogradov
WOGNEWS.NET, Global Energy Market Climate Changes News. Новости мирового энергетического рынка, изменений климата.
Brent?fell 65 cents, or 0.7%, to $92.32 a barrel. WTI shed 71 cents, or 0.7%, to $91.05 a barrel.
Both benchmark contracts hit their highest levels since September 2014 on Monday, but were headed for their first weekly fall in nine weeks amid reports of a deal taking shape to revive Iran's 2015 nuclear agreement with world powers.
Still, analysts do not expect prices to fall much in the near term, even with the prospect of more Iranian oil, with the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, struggling to meet their production targets.
"Oil markets are vulnerable to supply disruptions given global oil stockpiles are tracking near seven?year lows and as OPEC+ spare capacity comes into question given disappointing OPEC+ supply growth."
With oil demand also recovering as air travel and road traffic picks up, CBA sees Brent holding in the $90 to $100 a barrel range in the short term and topping $100 "quite easily".?