Oil price drops to its lowest level for 6 months

The oil price fell to the lowest level in six months on Thursday. Forward contracts fell 2.5 percent and extended their negative run to four days. A barrel (159 liters) of the North Sea Brent last cost $ 72.76, more than three percent less than the previous day. The price of West Texas Intermediate (WTI) American crude dropped more than two percent to $ 63.54.
There are two reasons for the falling oil price: First, there are signs that the US is expanding its supply. On Wednesday, the US government announced the sixth weekly increase in crude oil stocks. Rising oil reserves can be an indication of higher supply or falling demand and usually weigh on oil prices.
On the other hand, investors speculate that US sanctions against Iran could be less efficient than expected. If it were up to Trump, the Iranian oil exports would come to a complete standstill - but from the perspective of Iran this is unthinkable. "Iran's oil exports can not be stopped," quoted news agency Tasnim Oil Minister Bidschan Sanganeh.And Vice-President Eschak Jahangiri recently said, "Despite the sanctions, Iran will export no less than one million barrels a day."

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