Crude Oil Brent Futures Market News and Commentary
Sep WTI crude oil (CLU22) on Friday closed down -2.25 (-2.38%), and Sep RBOB gasoline (RBU22) closed down -2.55 (-0.83%).
Oil prices on Friday fell on a +0.5% rally in the dollar index and on Iran's statement that the EU's proposed nuclear deal is "acceptable if they can assure Iran on various issues including political claims related to safeguards, sanctions and guarantees."
Iran's positive statement about the proposed deal slightly boosted the chances for a final deal. Negotiators this past Monday ended 15 months of talks and presented Iran and the U.S. with a proposed draft agreement and called for the leaders of the two countries to make a decision on the proposal within a few weeks. An agreement would allow the return of Iranian oil supplies to the global oil market.
Oil prices on Friday saw some carry-over support from Thursday's news that the International Energy Agency (IEA) raised its forecast for growth in global crude oil demand this year by +380,000 b... Read more