The world price of oil was announced today, Tuesday, November 19, 1405.
According to Isna, the price of Brent crude oil futures decreased by 24 cents, equivalent to 0.23%, to 92 dollars and 33 cents per barrel, and the price of American West Texas Intermediate (WTI) crude oil futures decreased by 35 cents, equivalent to 0.40%, to 86 dollars and 50 cents per barrel.
Brent crude oil prices closed down 5.85 percent in the previous trading session, after falling to its lowest level in more than two months.
The drop in prices came after US President Donald Trump said US military action against Iran was not necessary “at this time”, easing concerns about long-term disruptions to Middle East oil supplies.
Axios, citing a diplomatic source, reported that Donald Trump and his deputy, Vance, had a conversation with Qatar’s prime minister regarding the advancement of negotiations with Iran, and he evaluated these negotiations positively.
“The market continues to prioritize Trump’s more conciliatory tone toward Iran, adopted since the midterm elections,” said Tim Waterer, senior market analyst at KCM Trade, according to a Reuters report.
On the supply side, OPEC oil production increased in October, according to a Reuters survey. This growth was mainly due to increased production in Saudi Arabia, Kuwait and Iraq, even though export restrictions are still in place.
