Oil prices fall with the transformation of the focus to the basics of the market

Oil prices have fallen with the increasing weakness of the market and concerns about the abundance of global supply of crude oil, which overwhelmed the increase in tension in the Middle East. Brent ruol fell 0.7% for May to settle at $ 70.56 a barrel, and West Texas Middle Rao fell by 1% to set below $ 67 a barrel, ending a series of profits that lasted two sessions. US stock indicators have decreased a day before the Federal Reserve’s decision, which is expected to make clear the economic consequences of the ongoing commercial wars. Oil prices rose by up to 1.7%earlier, after Israel launched strikes on the Gaza Strip, while the United States strengthened the pressure on Iran. Rebecca Babin, the largest energy traded in the CIBC group, said: “The price of crude oil is only counted with a slight geopolitical risk allowance with the yields of the tension between Israel and Hamas.” She added: “Most traders believe that these bonuses are sales opportunities, and to prepare to build a stock later in the year, amid an increase in the risks of macro economy.” Crude oil is on their way to a quarterly loss, as the increasing world -trading war threatens to claim, while “OPEC+” prepares to increase production from April. According to the ‘International Energy Agency’, the market was already ready to overcome the offer. Russian President Vladimir Putin also agreed in a phone call with US President Donald Trump to reduce the attacks on Ukrainian energy, but he did not disclose his dedication to a greater shooting stop for 30 days. However, some market participants rushed after hedging of escalating geopolitical risks. The bonus for selling sales options fell on Monday compared to the upcoming sales options, and today’s trading was dominated by a wave of options contracts that gain profit as prices amount to $ 100 a barrel.