Brent Price Oil Could Drop to $55 per Barrel

Today’s oil prices are seeing a real fall. Brent oil at 12:15 EET was trading at $56.70 per barrel. The price of WTI with August delivery is $51.10. By yesterday’s close, North Sea oil on August contracts was trading at $57.84 per barrel, whilst light crude was going for $52.01 a barrel.

A plenary meeting of international negotiators began is morning in Vienna with the purpose of discussing Iran’s nuclear program. It is assumed that this is the final meeting, the outcome of which will see all sides declaring a conclusion to the agreements made and a press conference taking place. Despite the fact that it’s already clear that the sanctions will be lifted gradually, investors are reacting negatively to news that the Iran nuclear program discussions are on the verge of coming to an end. The negotiations in Vienna today and tomorrow will be the key factor which will affect the movements on oil quotes.

Brent could test the $55 per barrel mark, whilst WTI will test its $50.00-50.50 marker.

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