17:49 - 15.05.2025

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Oil prices lose more than 3%, Brent is traded at $63.8 a barrel

May 15, Fineko/abc.az. Oil prices increased their decline during trading amid growing expectations of an agreement between Iran and the U.S.

ABC.AZ reports that U.S. President Donald Trump said in Doha on Thursday that the parties are close to signing an agreement.

"Iran has kind of agreed to the terms of the future deal (...). They won't be able to own nuclear weapons," Trump said.

The price of July’s Brent futures at the London ICE Futures Exchange as of 15:10 is $63.83 per barrel, which is $2.26 (3.42%) lower than at the close of previous trading.

WTI crude futures for June on the New York Mercantile Exchange (NYMEX) fell in price by $2.23 (3.53%) to $60.92 per barrel.

"In less than 24 hours, the narrative has changed from the introduction of new sanctions by the U.S. against Iran to increased expectations of a diplomatic breakthrough," said Arne Lohmann, chief analyst at A/S Global Risk Management. "The deal will dramatically increase the likelihood that the oil market will face a significant oversupply later this year, especially given OPEC+'s plans to ramp up production."

The International Energy Agency (IEA) has symbolically raised its forecast for global oil demand growth in 2025. Now the IEA expects an increase in demand by 741,000 b/d, and not by 726,000 b/d, as previously expected.