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Crude prices reverse direction on potential Iran deal

by ChemOrbis Editorial Team -
  • 30/03/2015 (16:45)
According to media reports, crude oil prices reversed direction to lose some of the ground gained last week ahead of a possible deal regarding Iran’s nuclear program. Currently, Iran and P5+1 powers (the US, France, Russia, China, the UK and Germany) are in talks to ensure the peaceful nature of Iran’s nuclear program and to ease economic sanctions on the country.

Easing sanctions against Iran would mean additional crude supplies and a deal between Iran and the P5+1 powers would also contribute to easing geopolitical tensions in the Middle East.

On March 27, NYMEX May crude was down $2.56 to settle at $48.87/barrel while ICE May Brent crude was down $2.78 to settle at $56.41/barrel.
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