Oil price fell on Tuesday under pressure of sanction exceptions that Washington granted to the largest consumers of Iranian oil, Reuters reports. Besides, concerns about slower economic development that can restrict demand keeps growing.

WTI oil price was this morning at $62,90 per barrel, which is 0,3% lower than last closing price. Brent oil traded for $72,70 per barrel, 0,6% lower.

Washington granted permission to continue purchasing oil from Iran to eight countries, including China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey. It is valid for another 180 days. All these countries are the largest Iran’s customers.

The main focus now moved to slowdown in economic development of some countries. Weaker currency puts pressure on such countries, as India and Indonesia, which are the key economies in determining Asia’s growth. At the same time, trade dispute between the US and China threatens these two largest economies in the world.

There is threat on supply side as well, as three largest producers, Russia, the US and Saudi Arabia, continue increasing output. In October they produced more than 33 million barrels per day, which accounts for more than third of world consumption.

All these factors will continue putting downside pressure on the prices in near term, experts assume.