WTI Crude Dropped 0.4% and Brent Crude Futures Fell 0.4%

Oil prices were stable on February 9. Nevertheless, the prospect of increased supply from Iran as well as the United States kept the pressure on the oil market. Brent crude futures fell 36 cents or 0.4% to $90.02 a barrel by 11:50 GMT. U.S. West Texas Intermediate (WTI) crude dropped 43 cents or 0.4% to $88.93 a barrel.

On Tuesday, contracts declined as Washington resumed indirect talks with Iran to revive a nuclear deal.

The Energy Information Administration’s latest report had a negative impact on the market sentiment. The EIA raised its outlook for U.S. crude production to average 11.97 billion barrels per day this year. 

Brent crude futures and tensions

As previously mentioned Brent crude futures, as well as WTI crude, suffered losses. It is desirable to learn more about the situation.

Geopolitical risks continue to affect oil prices. However, industry worries regarding geopolitical risks appeared to reduce on Wednesday according to several analysts.

On Tuesday, French President Emmanuel Macron made an interesting comment. The country’s leader stated that he believed steps could be taken to de-escalate the crisis. He made that comment after a meeting with Russian President Vladimir Putin and called on all sides to stay calm.

Last week, U.S. crude, gasoline, as well as distillate stocks, declined according to market sources. Based on the information provided by the American Petroleum Institute crude inventories declined by 2 million barrels. Interestingly, more data from the U.S. EIA will be available at 10:30 a.m EST. (15:30 GMT).