The price of oil is once again moving downward in light of the ever-increasing oil reserves in the United States. They had previously risen due to the unrest in Syria - geopolitical crises in the Middle East always boost the price of oil. However, the pull downward is stronger as the increasing oil extraction in the United States has long posed a threat for the price of oil.
Earlier today we registered the levels of $70.80 for the Brent crude (down from $71.34) and $65.40 for the WTI brand.
It is yet unclear what is going on with Syria - the current regime has been accused of carrying out a poison gas attack last week. Because of this the United States and the countries supporting it might take further military action against the Syrian president.
Another source of tension in the Middle East is Iran, as President Trump has stated he would like to withdraw from the nuclear deal with Iran and impose new sanctions.
Any further shocks experienced in the Middle East could potentially bring oil prices up.
