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Oil in Rollercoaster Mode as Iran Talks Roil Market


© Reuters.

By Barani Krishnan – Oil prices fell like a brick in Wednesday’s post-settlement trade as talks of progress in Iran’s nuclear talks with Western powers raised the specter of a million barrels or more of supply hitting the market at a time of continued inaction by OPEC+ to moderate the runaway rally in crude.

“We are closer than ever to an agreement,” Iran’s top nuclear negotiator, Ali Bagheri Kani, tweeted after weeks of intensive talks between delegates from Tehran and the five permanent members of the U.N. Security — i.e. United States, Britain, China, Russia, France — along with Germany.

Kani made clear in his tweet that “nothing is agreed until everything is agreed.” 

But oil traders had run ahead of him, sending crude, which settled Wednesday’s trading up almost 2%, diving in after hours trade.

By 4:10 PM ET (21:10 GMT), New York-traded West Texas Intermediate, the benchmark for U.S. crude, was down $1.50, or 1.6%, at $90.57. WTI settled earlier at $93.66.

London-traded Brent, the global benchmark for oil, was down $1.55, or 1.7%, at $91.73. Brent settled the regular trading session at $94.81.


Oil in Rollercoaster Mode as Iran Talks Roil Market

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