Oil Prices Fall Sharply After New Peace Data
Oil prices fell sharply on Friday afternoon after reports that Iran had submitted a new proposal for peace talks to the United States. US WTI oil, which had been trading sideways earlier in the day, fell by almost 6 percent to just under $100, while Brent was down more than 3 percent to just under $107.
In the afternoon, the state news agency Irna reported that Iran had submitted a proposal to Pakistani mediators on Thursday evening.
After Donald Trump told reporters in the evening that he was not satisfied with Iran's proposal, the fall in oil prices slowed. At 10:20 p.m., Brent was down 1.6 percent to just under $109 a barrel, while WTI was down 2.8 percent to around $102.40.
Swedish oil billionaire sounds alarm: Fuel crisis weeks away
A global fuel crisis could be just three weeks away and risks being worse than the one four years ago. This is what billionaire and Gunvor founder Torbjörn Törnqvist tells Affärsvärlden.
He believes that there is a big difference between official oil prices and the “real” price, which is said to be around $150. At the same time, there is a lack of overcapacity in refineries, and the chances of the parties reaching a quick solution to the conflict are small.
– If this continues for another three or four weeks, we will have a crisis in terms of jet fuel, diesel and gasoline prices. Not to mention gas, he says.
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