On Friday morning, oil prices are declining. By 7.40, a barrel of Brent crude oil fell to 72 dollars 25 cents or 0.37%. The price of a barrel of WTI crude oil fell to $70.5 cents or 0.34%. The reason for the negative price dynamics was the news published in the United States.
It became known that the Ministry of Finance of the country lifted the sanctions previously imposed against some individuals and companies operating in the oil industry of the country. Oil market participants are waiting for the complete lifting of sanctions against Iran and an increase in oil supplies from this country.
However, experts believe that the additional volumes of Iranian oil will be easily absorbed by the growing demand for raw materials in the United States and European countries.
Investors are waiting for the publication of the IEA report. They hope to receive detailed comments on the prospects for oil demand growth, as well as an assessment of the current situation on the world market. The report is expected to be published in the afternoon.