- A six-month deal to curtail Iran's nuclear ambitions is enough to send oil futures sliding 0.85% in Monday's early electronic trading. The easing of geopolitical tensions is usually a good excuse to pare bullish bets on crude.
- Although the deal doesn't officially ease restrictions on crude oil sales, it does represent progress and some believe the agreement may be a precursor to the eventual resumption of exports.
- "We can ... expect some price weakness as the market adjusts to the future prospect that Iranian exports will resume,” one Societe Generale strategist tells Bloomberg.
- For more on the deal, see here.
- ETFs: USO, OIL, UCO, SCO, UGA, DBO, BNO, DTO, CRUD, USL, DBE, UHN, RJN, DNO, SZO, OILZ, UWTI, OLO, UOIL, DWTI, JJE, RGRE, ONG, DOIL, OLEM, TWTI, FOL, UBN
Oil falls after Iran deal
Nov 24 2013, 21:55 ET