The crude oil prices are up 6% for the month of April, but Monday has been a day where 1% and more of decline is coming in. Brent is trading below 74, while Nymex has witnessed a more sharper fall.
Vandana Hari of Vanda Insights believes that rise in US rig count is a big factor. However, according to Hari, US rig count is not the single biggest trigger. She said, “The slide that we have seen today (Monday) now, through the Asian day, nearly 70-80% drop in WTI Brent, is mostly in my view because of the Iran deal.”