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The cost of oil futures fell slightly , dropping at the same time below $ 108 per barrel as geopolitical tensions eased , and new evidence of increases in oil supplies from Libya and Iraq. Recall that the price of Brent crude reached in August high above $ 117 a barrel on fears of war in Syria that could lead to a decrease in oil supplies from the Middle East, but , after a compromise was reached with regard to chemical weapons , the chances of war intervention by the United States decreased significantly . We add that the signs of a possible reconciliation between Iran and the West also fell geopolitical tensions and raised the chances of an increase in sales of Iranian oil after years of sanctions , which reduced oil exports by more than 1 million barrels per day.
"Oil prices continued a downward trend," said Carsten Fritsch , senior commodity and oil analyst at Commerzbank. "The decline in the risk premium and the increase in oil production suggest that further fall in prices is inevitable."
It should be noted that Iran has agreed to talks on its nuclear program with senior diplomats from six world powers, including U.S. Secretary of State John Kerry , raising hopes that Tehran's relations with the United States can improve. U.S. officials have also said that there is a possibility of this week's meeting between President Barack Obama and the new president of Iran Hassan Rouhani .
Meanwhile, data released today showed that the volume of production in Nigeria, Africa's biggest oil producer , rose to 2.4 million barrels a day after the country has been able to restore the capacity of victims of vandalism . Production in Nigeria declined to 2.2 million barrels per day.
Additional pressure on the stock have been reports of increasing oil production in Texas. According to the Energy Information Administration U.S. Department of Energy , the volume of production in Texas in June reached 2.58 million barrels of oil a day - the highest since May 1981 . This was achieved thanks to increased supply from the field Eagle Ford.
The cost of the November futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 102.85 a barrel on the New York Mercantile Exchange.
November futures price for North Sea Brent crude oil mixture fell $0.10 to $ 107.86 a barrel on the London exchange ICE Futures Europe.
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