{"id":10003,"date":"2015-07-13T06:57:24","date_gmt":"2015-07-13T11:57:24","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10003"},"modified":"2015-07-13T06:57:24","modified_gmt":"2015-07-13T11:57:24","slug":"oil-tumbles-as-iran-nuclear-deal-looms","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10003","title":{"rendered":"Oil tumbles as Iran nuclear deal looms"},"content":{"rendered":"
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Oil tumbles as Iran nuclear deal looms<\/a><\/h3>\n

\"An<\/div>\n

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An offshore oil platform is seen in Huntington Beach, California September 28, 2014.<\/div>\n
REUTERS\/LUCY NICHOLSON<\/div>\n<\/div>\n<\/div>\n
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Oil prices tumbled on Monday as Iran and six world powers closed in on a nuclear deal that would end sanctions on the Islamic Republic and let more Iranian oil on to world markets.<\/p>\n

News of a unanimous agreement by European leaders on a bailout loan for Athens, which should allow Greece to stay in the euro zone, helped pare early losses.<\/p>\n

Brent crude for August fell $1.89 to a low of $56.84 a barrel before rallying back to around $57.30 by 4.40 a.m. EDT.<\/p>\n

U.S. light crude, also known as West Texas Intermediate (WTI), was down $1.15 at $51.59 a barrel.<\/p>\n

Iran and six world powers are reportedly on the brink of finding a nuclear deal that would bring sanctions relief in exchange for curbs on Tehran’s nuclear program.<\/p>\n

A senior Iranian negotiator said a nuclear deal would be completed but cautioned that there was work to be done and he could not promise the talks would finish on Monday or Tuesday.<\/p>\n

“I cannot promise whether the remaining issues can be resolved tonight or tomorrow night,” Iran’s Tasnim news agency quoted Deputy Foreign Minister Abbas Araqchi as saying.<\/p>\n

The chance of Iran adding to a global oil surplus at a time of weak demand led some analysts to forecast more oil falls.<\/p>\n

Bank of America Merrill Lynch said U.S. crude prices “could soon drop well below our $50 per barrel target” in the third quarter of 2015.<\/p>\n

Commerzbank said a fall below $55 per barrel in Brent and below $50 per barrel in U.S. crude was “conceivable”.<\/p>\n

Oil prices pared early sharp losses after European Council President Donald Tusk said euro zone leaders had “unanimously reached agreement” on a deal for Greece.<\/p>\n

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…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil tumbles as Iran nuclear deal looms An offshore oil platform is seen in Huntington Beach, California September 28, 2014. REUTERS\/LUCY NICHOLSON Oil prices tumbled on Monday as Iran and six world powers closed in on a nuclear deal that would end sanctions on the Islamic Republic and let more Iranian oil on to world […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,5],"tags":[441,7260,7259,588,592,596,683],"class_list":["post-10003","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-geopolitics","tag-iran","tag-iran-sanctions","tag-nuclear-deal-iran","tag-oil","tag-oil-price","tag-oil-supply","tag-reuters"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10003"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10003\/revisions"}],"predecessor-version":[{"id":10004,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10003\/revisions\/10004"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}