The imminent return of Iran’s oil to global markets sent crude prices below $30 on Friday. February West Texas Intermediate crude lost $1.78 to settle at $29.42 a barrel on the New York Mercantile Exchange. On the London ICE Futures Exchange, March Brent crude fell $1.94 to end trade at $28.94 a barrel.
As the markets were ending the week on Friday, signals that Iran had met its obligations under the Paris Nuclear agreement began to surface. It also comes as tension between the U.S. and Iran over prisoner exchange began to wane and the relationship with Iran and Saudi Arabia continues to evaporate. The price war started by Saudi Arabia but directed at U.S. Shale producers might continue to lower the amount of money flowing back into Iran. The country’s compliance was announced on Saturday.
February natural gas lost 3.9 cents on Friday. The New York Mercantile Exchange contract settled at $2.10 per million British thermal units.
