Oil falls in price amid prospects of increase in supply

Global oil prices fell on the prospects of increased supply in the oil market amid negotiations on a nuclear deal between the US and Iran on February 18 morning, Report informs referring to the auction data.

The price of April futures for Brent crude fell by 0.6% to $92.41 per barrel, March futures for WTI fell by 0.74% to $91.06 per barrel.

Oil prices on February 18 morning are under pressure from the prospects for an increase in supply in the oil market. Investors continue to monitor nuclear deal talks between the US and Iran.

According to the Wall Street Journal, the US and its allies were close to resuming the nuclear deal with Iran. The fact that one million barrels a day would soon enter the market put pressure on oil prices, the experts added.

Traders on February 18 also expect weekly statistics on active oil rigs in the US from US oil and gas service company Baker Hughes. Over the past week, their number has increased by 19, to 516 units.