Daily Times

Crude oil prices fell around one percent on Wednesday amid reports that Iran is preparing to boost production and exports of crude oil as talks on the nuclear deal with the United States continue to progress.
At 1405 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $65.99 a barrel after shedding 1.01 percent. Likewise, the US West Texas Intermediate (WTI) crude futures shed 0.90 percent to reach $62.79 a barrel. The price for Opec Basket was recorded at $68.39 a barrel with 1.29 percent increase, Arab Light was available at $66.56 a barrel with 1.77 percent decrease while price of Russian Sokol decreased 1.77 percent to reach $67.02 a barrel.
According to reports, Iran could return to a production level of 4 million bpd in as little as three months. What’s more, it could add to that figure millions of barrels of crude currently in storage, the report said. Iranian President Hassan Rouhani said in a televised speech on Thursday that sanctions on oil, shipping, petrochemicals, insurance and the central bank had been dealt with in the talks. However, senior diplomats from Britain, France and Germany offered a note of caution on Wednesday, saying that while there was some tangible progress with the contours of a final deal emerging, success was not guaranteed. Indian refiners and at least one European refiner are re-evaluating their crude purchases to make room for Iranian oil in the second half of this year, anticipating that US sanctions will be lifted, company officials and trading sources said. Concerns about the demand outlook in Asia also dragged prices down. Almost two-thirds of people tested in India show exposure to the coronavirus.