Based on the latest economic reports and examining the various global economic indices, most analysts believe that the pace of production of raw materials in the world may be caused by a reduction in consumption and that energy demand will normally also decrease.
This was enough for OPEC to cut oil supplies by around 100,000 barrels a day from October 1, while some members disagreed with this decision.
However, this alteration had no positive effect on market performance and the energy market price shock occurred on September 7, with Brent Oil reaching less than $ 90. As a result, Singapore’s HSFO fell. by the US $ 28 and bitumen from Singapore and South Korea also fell by the US $ 5.
USD Equity Against Rial – Fall in Oil Prices
Respectively, this drop in prices coincided with Ukraine’s official announcement about Russia’s position in Crimea and the rise in the level of US oil reserves. In addition, some other commodities, such as gold, have seen their prices fall.
Meanwhile, on September 7, Iran lowered the average vacuum minimum by about 7%, but it is unclear whether this oil shock will recover soon or not.
Furthermore, after the end of the eighth round of the JCPOA negotiations, there is no clear result; this situation could affect the USD share against the rial.
It seems that we still have to look at the various political events to get a more accurate analysis of the situation.
Even after the conclusion of Round 8 of the JCPOA negotiations, there is no clear outcome; this situation could impact the USD/Rial ratio as well.
It seems that we still have to monitor the various political events to have a more precise analysis of the situation.
This article was prepared by Shirin Yousefi, the Content specialist and market analyst of Infinity Galaxy.