Oil futures trade slightly lower Wednesday morning, extending this week's pullback from seven-year highs as traders await data on U.S. supplies.
Oil futures were slightly lower Wednesday morning, extending this week’s pullback from seven-year highs as traders await data on U.S. supplies, monitor talks aimed at returning Iran to an international nuclear accord, and keep an eye on the threat of a Russian invasion of Ukraine.
Lifting sanctions could see Iran unleash 1 million barrels a day or more of crude and condensate production within four to six months, according to analysts at Rystad Energy. “Bottom line, oil prices had become overbought in recent sessions and the Iran and Ukraine headlines each offered excuses for bulls to take near-term profits,” wrote analysts at Sevens Report Research, in a Wednesday note.
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