HomeIndustriesOil Slips Ahead Of Iran Nuclear Talks

Oil Slips Ahead Of Iran Nuclear Talks

Oil declined on Monday after posting its largest gain in over a week as investors expressed concern ahead of the US-Iran nuclear talks as well as an impending economic slowdown. West Texas Intermediate futures declined to $90 per barrel; less than $5 above a six-month low. Brent’s prompt spread drifted to $1.54, down from $1.90 a week earlier.

Prices remain volatile due to the uncertainty surrounding Iranian supply, particularly as US-Iran nuclear talks draw closer. The resumed talks were largely accelerated by European Union diplomats, who presented both the U.S. and Iran with a final draft accord aimed at reviving the deal reached in 2015.

Energy Aspects commented that while crude may continue to weaken in the coming weeks, it should begin to rally in the winter as the US slows down the release of strategic stockpiles and an EU embargo on Russian supplies goes into effect.

Gao Jian, a Shandong-based analyst with Zhaojin Futures Co. stated that oil should still be poised to decline in the long run. “Oil’s risk is skewed to the downside with both macro and fundamentals showing weakness,” Jian explained, also mentioning that the eventual return of Iranian oil to the market would drive prices downwards.

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