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Message: [QUOTE="Vistabrokers, post: 86395, member: 32993"] [b]Vista Brokers: Oil Continues to Fall[/b] [img]http://www.hostpic.org/images/1507141310190095.jpeg[/img] During Tuesday's Asian trading, oil prices continued to decline. Vista Brokers analysts note a strong pressure on the market, that has negotiations on Iran, which are coming to an end, as well as expected release of crude oil reserves data in the United States. On the New York Mercantile Exchange August futures for WTI crude oil have declined today by 0.80% to $ 51.78 per barrel. Meanwhile, on the Intercontinental Exchange (ICE), Brent contracts for August delivery have reached a session high of $ 59.14 a barrel, before dipping to $58.17, down 0.81 or 1.38%earlier. The American Petroleum Institute (API) will report today about the increase / decrease of crude oil inventories, and the US Department of Energy will do it tomorrow. Last week, the data could surprise investors and analysts. According to the Energy Information Administration (EIA), crude oil inventories in the USA have risen for the week ended July 3 by 400,000 barrels instead of the expected decline by 500 000. Thus, the volume of reserves has reached 465.8 million barrels, the highest level in the last 80 years. Growth "black gold" production and the development of shale deposits in the United States are among the reasons that led to oversupply in the oil market. That is why oil traders are watching the situation so closely. As for Iran, on Monday afternoon, the Iranian Foreign Minister Mohammad Javad Zarif said that no agreement on the country's nuclear program will be concluded before the expiry of the deadline. Recall that the deadline for negotiations between Tehran and six world powers was postponed three times in recent weeks. However, White House representatives noted that that "genuine progress," had been made in the negotiations in spite of the further delays. Completion of negotiations on Iran, followed by international sanctions lifting is a bearish signal for the oil market, as Tehran said that 30 million barrels are in reserves and ready to go for export. Although the country will take time to restore its former position, for the oil market it means oversupply increasing. [/QUOTE]

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