Oil drops with the decline of Middle East's fear amid the anticipation of the "OPEC+" decision

Oil has decreased to the largest weekly loss in two years, with the fear of tension decreasing in the midst, and the speculation of customers about the expected increase in the OPEC+supplies. Brent -RU contracts dropped August, which expires on Monday, by 0.2% to settle at $ 67.61, and the Western Texas West fell by 0.6% to stabilize nearly $ 65 a barrel after landing 13% last week. The OPEC+Alliance prepares to consider another 411 thousand increase per day for August at their meeting Sunday, according to several delegates. In the event that this increase is agreed, it will be the fourth in a row with this large size, or three times the amount originally planned. Dennis Kisler, senior vice president of trade at Bok Financial Cistiotes, said. He added that “the actual test will be whether the demand for summer journey will be able to absorb the additional quantities that OPEC+will add. The unexpected factor remains in Iran and his dedication.” The transformations in the bets and geopolitical risks poured out the hedge funds to the dominant bets, after the fragile ceasefire between Iran and Israel removed the excessive geopolitical risk allowance from the market last week. Although Iran is still skeptical that the ceasefire, carried out by an American, will continue, US President Donald Trump indicated that it could support the reduction of sanctions against Tehran “if it could act peacefully.” Meanwhile, trade consultants in commodities who depend on market trends and tend to blow up prices, liquidate long purchase centers and reach 45% of their long centers in the Western Texas -Ru, 45% Monday, compared to 55% on June 27, according to the data of “Bingon Reservoch Group”. The markets focus on the balance of supply and demand, oil prices returned to their levels on June 13 before the initial Israeli attack on Iran, and futures are on their way to register a 9% loss of this term, focusing on the balance of supply and demand. In addition to the possible increase in the “OPEC+” coalition, which could aggravate the expected excess exhibition later this year, investors will focus on commercial talks, with just ten days about resumption of customs duties for each country imposed by Trump. Some negotiations have shown signs of progress, as Canada has canceled a tax in support of a commercial agreement, and is trying to reach an agreement by July 21. On the other hand, the European Union has expressed its willingness to accept Trump’s comprehensive rate, but it demands that it be exceptions for major sectors. The predictions of the oil question in China, the largest importer of crude oil, have decreased slightly after the activity of the factories improved for the second month, despite its continued contraction.