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The world's cheapest gold in the world
Brent crude oil in London falls by $ 1.33, while the price of WTI in New York down $ 1.41.
World oil prices for standard brands dropped significantly. For example, the September futures for Brent North Sea oil on the London ICE Futures Exchange at 22:00 (in Kiev) fell by $ 1.33 (1.76%) – $ 74.22 on barrel.
In turn, the cost of WTI oil delivered in September at the New York Mercantile Exchange (NYMEX) electronic auction dropped from $ 1.41 (2.01%) to $ 68.72 a barrel.
Western analysts say the prices of the black gold are falling because of fears associated with an increase in supply and a decrease in concerns about Iranian oil.
"There are fears about oil overproduction at OPEC, as well as worries about slowing growth in demand," said Ashley Petersen, Oil Analyst at Stratas Advisors .
US sanctions can reduce Iranian oil exports by only 300,000 barrels a day, while in previous sanctions (January 2016), the drop in shipments abroad was around 1 million barrels a day, according to Mizuho Securities analysts. This time, Europe has not joined the statements of the United States, furthermore there is no ban on reinsurance.
China could also increase Iranian oil imports if Tehran offers it more favorable prices than other states in the Persian Gulf, say the experts.
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