Crude oil prices traded lower during Asian session on Friday as the ongoing talks between Iran and Western powers continues, the western powers includes France, Germany, Russia, China, UK and the US.
The North American crude dropped 0.31% lower, trading at $95.14 per barrel at the time of writing, while the European benchmark crude Brent fell 0.12%, trading at $109.95 per barrel at the same time.
Crude Oil – Iran
Five members of the United Nations Security Council including Germany resumed talks with Iran over its nuclear program in Geneva on Thursday.
Iran has said that its nuclear program is for only civilian purposes for medical and energy use; however western powers are accusing the Persian Gulf nation of covertly seeking atomic-weapons capability.
Crude Oil – US
According to the International Energy Agency in France, the US will account for approximately 21% of global oil demand this year. Jobless claims dropped by 21,000 to 323,000 in the week ended November 15, reports from the US Department of Labour confirmed on Thursday.
WTI has dropped in the past six weeks, marking its longest losing streak in fifteen years, while stockpiles rose by 375,000 barrels to 388.5 million in the past week ended Nov. 15th, the Energy Information Administration confirmed.
Meanwhile, the Senate Committee on Housing, Banking and Urban Affairs granted the nomination of Janet Yellen as the next Federal Reserve Chairperson for the next four years.
“Yellen understands the challenges facing our economy and the balance the Fed must strike as we navigate the path back to full employment,” the committee’s Chairman Tim Johnson said on Thursday.
Janet Yellen is currently the vice-chairperson of the Federal Reserve (Fed) and has commented on supporting the economy and expanding the job market.
Meanwhile the recent turmoil in Iraq continues to weigh on the country’s crude supply.
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