Oil slips after Trump hints fresh negotiations with Iran

Oil drilling rigs

Oil prices fell at the close of trading today, April 14, after the US president hinted at the possibility of resuming negotiations with Iran this week.

Brent crude futures for June delivery fell 4.60%, or $4.57, to $94.79 a barrel. WTI crude oil futures for May delivery also fell by 7.87%, or $7.80, to $91.28 a barrel.

US President Donald Trump earlier announced that negotiations with Iran could resume within the next two days. However, the downward pressure on prices resulting from these developments does not reflect the reality of the physical markets.

Meanwhile, the International Energy Agency said in its monthly report issued today that the global oil market lost 10 million barrels per day of Middle Eastern supplies, one day after OPEC announced that its production had fallen by about eight million barrels in March.

Furthermore, the agency lowered its forecasts for global oil demand growth this year by 80,000 barrels per day and supply growth by 1.5 million barrels per day, as a result of the war's impact on the international economy and energy infrastructure in the Middle East.