Oil prices on Monday fell further from 11-month highs touched last week, ending a rally that started at end-October on production cuts and strong Chinese demand, with the market’s outlook questioned as coronavirus infections rise.
Oil prices slipped on Tuesday as investors remained concerned about climbing coronavirus cases globally, but expectations of a drawdown in crude oil inventory in the United States for a fifth straight week kept losses in check, Reuters reported.
Iranian Oil Minister Bijan Namdar Zanganeh said a decision by an international grouping of oil producers known as OPEC+ to slightly narrow supply cuts agreed for January would not have a significant impact on global prices.
Oil prices rose on Wednesday to their highest since February 2020 after Saudi Arabia agreed to reduce output more than expected in a meeting with allied producers, while industry figures showed US crude stockpiles were down last week.
The 25th edition of Iran International Oil, Gas, Refining, and Petrochemical Exhibition, known as Iran Oil Show, which was previously postponed due to the coronavirus pandemic, is going to be held in Tehran from January 21-24.