Summary of the Oil Markets and Pricing this week:

Summary of the Oil Markets and Pricing this week:
• Crude oil markets have rallied on Friday, showing signs of strength in what has been a tight consolidation region. The American WTI crude oil price was 68.17 dollars per barrel, while the Brent crude oil price was 74.68 dollars per barrel.
• Crude oil markets initially plunged during the course of the week, only to turn around and show signs of life again. The market is trying to find some type of bottom for a bigger move.
• Some of the external and political factors that influenced the oil markets this week are:
• The ongoing negotiations between Iran and world powers over the revival of the 2015 nuclear deal, which could lead to the lifting of sanctions on Iranian oil exports and increase the global supply.
• The rising demand for oil as the global economy recovers from the pandemic, especially in China and the US, which are the world's largest oil consumers.
• The uncertainty over the OPEC+ production policy, which is set to expire at the end of July. The group of oil-producing countries has been restraining output to support prices, but faces pressure from some members to increase production amid higher demand.
• The recent intelligence reports from Germany, the Netherlands, and Sweden suggest that Iran is close to testing its first nuclear weapon, potentially impacting its economic situation and global oil markets.
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