Agreement in nuclear talks with Iran unlikely today

Today is the deadline by which a solution was finally supposed to be found in the nuclear talks with Iran, but opinions still differ about when sanctions should be lifted and how long Iran has to agree to its nuclear facilities being monitored. It is therefore unlikely that an agreement will be achieved today. 

When the interim agreement was reached at the end of March, negotiations were extended by several days. If sanctions were to be eased, additional oil from Iran would flood onto the already oversupplied oil market, says Commerzbank. The Reuters and Bloomberg production surveys today are expected to show that OPEC again produced considerably more crude oil than the market required in June, so oil prices are likely to fall further, notes Commerzbank.