Oil drops 1.5% amid progress in Iran nuclear talks
Talks between Iran and the United States in Vienna continue. Parties are said to be closing in on an agreement that will see sanctions on Iran lifted, which would pave the way for return of Iranian crude supply to the markets. Key points are said to be agreed on already and parties are now discussing details. Return of 2 million barrels of Iranian exports would push the oil market out of deficit. On the other hand, ongoing tensions in the Middle East may delay talks and, as a result, a deal may not be reached by tomorrow's deadline. However, negotiators are willing to negotiate beyond the deadline and until the deal is reached.
Oil bulls managed to defend support marked with 50% retracement. In case downward move resumes and deepens, the next support to watch can be found at 61.8% retracement. Key resistance zone to watch can be found in the $63 area. Source: xStation5
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
