INSUBCONTINENT EXCLUSIVE:
Oil prices dropped sharply Monday morning as progress in nuclear negotiations between the United States and Iran eased global supply
concerns.WTI crude fell to $63.57 per barrel while Brent crude decreased to $65.45 per barrel, both declining more than 1% in early trading
The weekend brought significant developments in the diplomatic sphere that rattled energy markets.Iran and the United States agreed Saturday
to begin drafting a framework for a potential nuclear agreement
principles.Market participants reacted swiftly to this diplomatic breakthrough
Expert-level meetings will commence in Oman Wednesday, with a follow-up session planned for Saturday to evaluate progress.These talks
represent a potential turning point for global oil supply dynamics
The nuclear discussions appear to be advancing relatively well according to Warren Patterson of ING Groep.Oil Prices Slide as U.S.-Iran
Nuclear Talks Show Progress
(Photo Internet reproduction)This progress alleviates significant supply risks that previously supported higher prices
Markets now anticipate the possible return of Iranian crude exports if sanctions ease.Oil Market Faces PressureThis downward pressure comes
after oil prices settled more than 3% higher on Thursday before markets closed for Good Friday
Both benchmarks have declined approximately 11% since the beginning of 2025, reflecting persistent bearish sentiment.Multiple factors
continue to weigh on crude prices beyond the Iran negotiations
Concerns about global economic growth amid escalating trade tensions remain prominent
The US recently imposed hefty tariffs on Chinese goods, raising fears about reduced energy demand.OPEC+ still plans to increase production
by 411,000 barrels per day in May despite market weakness
This decision reinforces oversupply concerns as JP Morgan projects a substantial oil surplus developing throughout 2025.Not all indicators
These purchases, particularly Iranian oil shipments, occurred before the US implemented tighter sanctions targeting Chinese
importers.Technical analysts observe WTI crude testing key support levels around $61.65 with resistance at $63.65
Brent crude displays similar bearish patterns with support near $59.15 and resistance at $71.65.Looking ahead, the US Energy Information
Administration projects Brent prices averaging $67.87 per barrel in 2025, a downward revision from previous forecasts
This adjustment reflects expectations of building global oil inventories through 2025 and into 2026.Market attention now focuses on
