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Talks between Iran and World powers over nuclear negotiation have spilled over past the deadline.
Hopes have been high for a possible nuclear deal prior to the deadline and market was hoping for a deal that might crush the Brent Crude further down.
However an outline of the deal is still possible. Iran is even hoping for a draft deal within days. Partial removal of sanctions is also a possibility. Negotiators will once again reconvene today to finalize the details.
Russia and Iran have expressed hopes over initial broad based agreements. Chinese and French officials have left for their countries, however it is not yet clear whether it is an indication of failure of talks.
Market impact -
- Iran deal is expected to push the crude especially the Brent down to ground as Iranian supply increase will put further pressure to an already oversupplied market.
- However that might not be the case immediately. Current negotiation might produce only a framework for future negotiations. June 2015, is the deadline for any binding deals. Moreover any short term relief of sanctions could be miniscule compared to market expectation.
Focus will be on size of the sanctions removed, if any. That will determine, how much production can actually be increased. Brent is trading at $55.05/barrel, down -0.10% today.
Chart courtesy Financial Times.
