Crude Oil Price Falls One Week Low to $83 per Barrel in International Market

KATHMANDU; Oil price fell more than US $4 a barrel on Monday, a one week low, after the US President Donald Trump held off a fresh attach on Iran seeking a quick deal that would halt Tehran’s nuclear ambitions and reopen the Strait of Hormuz.

According to Reuters, an international media, brent crude futures fell $4.65, or 5.29 percent to $83.28 per barrel on the day. The oil price jumped more ⁠than 20 percent in the international market last month after fighting between the US and Iran resumed and attacks on several ​tankers around Oman heightened security concerns, deterring shippers from entering the Gulf to load oil.

Meanwhile, the ​Organization of the Petroleum Exporting Countries and allies, known as OPEC+, approved an ​oil production ⁠quota increase of around 188,000 barrels per day from September, which would complete the producer group's unwinding of a layer of voluntary output cuts. This is expected to increase supply to pacify soaring price of oil globally.