简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Oil prices dipped in early trade on Tuesday on the latest progress in last-ditch talks to revive the 2015 Iran nuclear accord, which would clear the way to boost its crude exports in a tight market.
U.S. West Texas Intermediate (WTI) crude futures declined 16 cents, or 0.2%, to $90.60 a barrel, after climbing 2% in the previous session.
“The spectre of a U.S.-Iran nuclear deal continues to hover over the market,” ANZ Research analysts said in a note.
The European Union late on Monday put forward a “final” text to revive the 2015 Iran nuclear deal, awaiting approvals from Washington and Tehran. A senior EU official said a final decision on the proposal was expected within “very, very few weeks”.
“While the details around the timing of the resumption of Irans oil exports remain uncertain even if the accord is revived, there is certainly scope for Iran to increase oil exports relatively quickly,” Commonwealth Bank analyst Vivek Dhar said in a note.
He said Iran could boost its oil exports by 1 million-1.5 million barrels per day, or up to 1.5% of global supply, in six months.
“A revival of the 2015 nuclear accord will likely see oil prices fall sharply given that markets probably dont believe a deal will be reached,” Dhar said.
However, signs that demand may not be dented as much as feared are keeping a floor under the market for now, following stronger-than-expected trade data from China on the weekend and the surprising acceleration in U.S. jobs growth in July.
The oil market has remained under pressure recently over global recession fears, with Brent prices suffering their biggest weekly drop last week.
China, the world‘s largest crude oil importer, brought in 8.79 million barrels per day of crude in July, 9.5% lower from a year earlier but up from June’s import volumes, according to Chinas customs data.
Traders will also be watching out for weekly U.S. oil inventory data, first from the American Petroleum Institute on Tuesday and then the Energy Information Administration on Wednesday.
Five analysts polled by Reuters expect crude stockpiles fell by around 400,000 barrels and gasoline stockpiles declined also by about 400,000 barrels in the week to Aug. 5, while distillate inventories, which include diesel and jet fuel, were unchanged.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Maxim Group LLC has reached a settlement with the Financial Industry Regulatory Authority (FINRA), agreeing to pay a fine of $75,000 due to violations related to their reporting practices. This fine comes in the wake of insufficient disclosures in the firm’s public quarterly reports on the handling of customer orders in National Market System (NMS) securities.
Choosing a reliable broker is crucial for both novice and experienced traders. Emarlado, a forex broker registered in Saint Lucia, has emerged in the market over the past two years, offering a variety of trading instruments ranging from currency pairs and stocks to cryptocurrencies, commodities, and indices. However, recent developments have raised concerns about the legitimacy of this broker, prompting many to question whether Emarlado is suspected of fraud.
Swissquote introduces fractional shares and crypto trading, offering affordable and flexible investment options with a new saving plan for diversified portfolios.
Elite Pro Markets is an unregulated, inaccessible Forex broker with no physical office. Rated 1.5 on WikiFX, it's a scam you should avoid.