“After 18 months of negotiations, progress has been made in reviving the Iran nuclear deal,” said Ed Moya, analyst at online trading platform OANDA. If the Iran nuclear deal is revived, that could send oil prices down to the low $80s.”Tuesday’s plunge did not bring oil that low yet, though crude did visit fresh 6-½ month lows. It plunged to as low as $85.73 during the session, a bottom since the Jan. 26 low of $85.01. But by and large, the focus was on Iran as world powers, led by the European Union, discussed the possibility of reviving the 2015 nuclear deal with Tehran. On the front, the consensus is for a decline of 1.1 million barrels on top of the draw of 4.98 million barrels seen in the previous week.

Source: Forbes August 16, 2022 21:19 UTC