FXStreet (Delhi) – Kit Juckes, Research Analyst at Societe Generale, suggests that the lifting of sanctions on Iran has opened the way for increased oil exports.
Key Quotes
“You could read the Iranian news in two ways too: Either it promises more supply and more price weakness or it represents a ‘sell the rumour, buy the fact’ catalyst for a bounce. All too confusing for me, but the oil market’s only had two up days this year so far and this morning has seen another cyclical low (WTI under $29, Brent has already traded below USD 28). I’ll stick with the above conclusion – we’re due a short-term bounce by the tide hasn’t turned yet.”
(Market News Provided by FXstreet)