The overall direction of the global energy market is favourable, as crude oil prices have been falling in the international market but rising on a monthly basis; both the main benchmark crude oil contracts are on the verge of a significant increase, according to the data.
International market reports indicate no real efforts were made by Iran and the United States to reach an agreement. Nevertheless, crude oil deliveries through large trade routes kept on weighing down prices on the global markets, managing to post a daily loss.
The price of the Brent crude oil dropped by $1.03, or 1.2 percent, to $88 per barrel in the latest trading session. US West Texas Intermediate (WTI) crude oil, however, lost a dollar and a half, or 1.8 percent, to $82.09 per barrel.
While prices may be downward, experts estimate that both the Brent and WTI prices may rise by roughly 20% during July due to a combination of geopolitical, demand- and supply-related developments across the globe.
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