WTI dropped on Thursday, declining from the gains seen in the previous session after the Energy Information Administration (EIA) reported the US stockpiles data. However, the European benchmark Brent crude was seen lower, after Iran finalized an agreement with the Western powers over its nuclear program.
The North American West Texas Intermediate (WTI) crude dropped 0.34% lower at $94.04 a barrel at the time of writing, while Brent edged 0.58% lower at $105.66 a barrel at the same time.
WTI – US Stockpiles
The US Energy Information Administration (EIA) released the stockpiles data on Wednesday, showing a drop of 7.66 million barrels to 350.2 million during the week ending January 10.
Distillate supplies, including heating oil and diesel, slid 1.02 million barrels, reports from the EIA confirmed. Analysts forecasted supplies would increase by 1.25 million.
Reports from the American Petroleum Institute revealed that US weekly crude stocks declined by 4.14 million.
WTI – Iran Deal
Over the weekend, Western powers including the US, China, Russia, France, Germany and the UK finalized a six-month deal with Iran, over the country’s nuclear program; which will be implemented from January 20. As part of the deal, the Persian nation will scale back its nuclear developments, while the US will ease economic sanctions.
“Iran will also continue to take steps throughout the six months to live up to its commitments, such as rendering the entire stockpile of its 20% enriched uranium unusable for further enrichment,” Secretary of State , John Kerry said.
Iran have only been producing approximately 1 million barrel a day, the lowest in nearly 30 years; due to the sanctions imposed on the country.
WTI – Libya
Libya’s production has risen to 650,000 barrels per day (bdp) from 210,000 barrels a day in December, after the country’s largest oil fields, El Sharara restarted and production reached 300,000 barrels per day. However, production in the country is still below July’s level of 1.2 million barrels.
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