Brent price went down to $70.96 per barrel

On Tuesday, oil prices are going down amid concerns about the volatility of oil demand after the data on the fall of China's imports to a five-month low in May, Interfax reports.

Traders are also awaiting the outcome of talks between Iran and world powers in Vienna over a nuclear deal, which begin Thursday. The deal could lead to an increase in Iranian production by 500 thousand barrels per day, but many analysts do not expect to reach an agreement before the presidential elections in the country next week, Trading Economics writes.

By 8:20 a.m. Kyiv time, Brent August futures decreased by $0.53 (0.74%) to $70.96 per barrel on the London ICE Futures exchange. On Monday, the contract price decreased by $0.4 (0.6%) to $71.49 per barrel.

By this time, WTI July futures became cheaper by $0.48 (0.69%) to $68.75 per barrel in electronic trading of the New York Mercantile Exchange (NYMEX). During the previous session, the WTI price decreased by $0.39 (0.6%) to $69.23 per barrel, earlier during the trading session WTI had reached a session high of $ 70 per barrel. October 2018 was the last time futures reached these levels or higher, according to FactSet.

As it became known on June 7, China imported 9.69 million barrels of oil per day in May, which is 14.6% lower than a year earlier. In April, imports amounted to 9.86 million bpd.

OPEC+, following last week's meeting, decided not to change their plans to increase production, for the time being, believing that the increase in vaccination rates, despite persisting lockdowns in some regions, gives hope for a quick recovery in demand, while the prospects for Iranian oil are still unclear.

Tags: oil, Asia, OPEC+, negotiations, price, petroleum products, oil deliveries, economy, oil and gas industry, oil market

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