Oil falls amid prospects of growing supply

Global oil prices fell on February 17 morning, investors are evaluating the prospects for an increase in supply in the market, Report informs referring to the auction data.

The price of April futures for Brent crude fell by 0.94% to $93.92 per barrel, March futures for WTI fell by 0.97% to $92.75 per barrel.

Oil investors are evaluating the prospects for an increase in supply in the oil market against the backdrop of successful progress in negotiations on a nuclear deal between the US and Iran.

Analysts say positive developments in these talks are providing much-needed relief to world oil prices as the possibility of new supplies narrows the supply-demand imbalance.

While a deal has yet to be struck, prices have been declining on news of progress and a broad consensus in negotiations as this could eventually lead to the addition of 900,000 barrels of oil per day to the market by December, the experts added.

In addition, traders estimate data on the growth of oil inventories in the US for the week by 1.1 million barrels, up to 411.5 million. Analysts, on the contrary, expected a decrease in the figure by 1.6 million barrels.