While the crude oil price was on its way to be stabled in its ascending channel, some unconfirmed news on easing Iranian sanctions caused all crude oil prices an outstanding fall.

According to Bloomberg, some informed sources claim that US president, Donald Trump has offered to ease sanctions in order to facilitate meeting with Iranian president, Hassan Rouhani and he has faced John Bolton’s disagreement.

Some analysts believe that John Bolton’s firing has also been a facilitation for creating the context for Iran and US possible talks. Another action towards attracting Iran’s attention is easing the sanctions by US. Although this has not been officially approved yet, but it has had its significant effect on the oil market.

Consequently, the price of Brent crude oil has met a 2.71% drop and reached USD 60.69 per barrel. West Texas oil Index has also experienced negative changes with a 2.79% fall to USD 55.80.

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