Crude oil price dropped for the second day on Thursday under the influence of a possible agreement between Iran and 5+1, drop in US stockpile of refined products as well as concerns over negative impacts of Greece’s debt crisis over oil demand in Europe.
“Uncertainties about progress in the Greek debt crisis added to the energy market’s skittishness, even as support emerged from roadblocks to an Iranian nuclear deal aimed at allowing Tehran to resume oil exports without restrictions,” said a report by the Reuters.
According to the report, Brent price for delivery in August dropped by 29 cents, 46%, on Thursday and amounted to $63.20 a barrel.
Meanwhile, low transactions in the US market for refined products affected the oil price and even strengthened demand in the US markets for gasoline and gad oil could not overcome the main factors (possibility of lifting anti-Iran sanctions and reduction in European demand) for oil price drop.
The US crude oil dropped by 57 cents (about 1%) and was traded at $59.70.