The oil prices decreased as the United States crude oil hit the longest daily decline since 1984.
Global oil prices decreased about 1% yesterday as the worldwide supply increased. In addition, investors are also worried about the demand growth. The crude futures benchmarks have decreased by nearly 20% or more since increasing in last month.
Benchmark Brent crude futures decreased 0.7% or 47 cents, at $70.18 a barrel. Amid the session, Brent fell underneath $70 a barrel out of the blue since April, as much as 20% off four-year highs came to in October.
US crude fell for the tenth consecutive day, the longest such streak since July 1984. Brent decreased about 3.6% for the week and in excess of 15% this quarter.
US sanctions on Iran are probably not going to cut supply as much of course. United States has conceded exceptions to Iran’s greatest purchasers.
The delegation from South Korea including oil purchasers is required to go to Iran. It will one week from now to talk about continuing oil imports following a three-month end. China National Petroleum Corp said it was all the while taking oil from Iranian fields in which it has stakes.