As supply disruption fears eased, oil prices have declined to their lowest levels in three weeks, with Russia’s announcement that they are in favor of resuming the 2015 Iran nuclear deal as soon as possible, according to Reuters.
Brent crude oil decreased to $97.44 per barrel, while West Texas Intermediate (WTI) recorded $93.54. According to the report from Reuters, Brent futures declined 5.9% to $100.50 per barrel at 1308 GMT, as WTI crude oil had plummeted by 6.1% to record $96.66 per barrel.
The Russian Foreign Minister Sergei Lavrov stated that his country is supporting the resumption of the 2015 Iran nuclear deal soon.
The decrease in oil prices came following the surge of daily COVID-19 cases in China stoking fears about demand, according to the report.