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Oil Moves Lower as Iranian Negotiations Continue, Dollar Gains

July 13, 2015 at 23:24 by Vladimir Vyun

Prices for crude oil moved lower today as negotiations between Iran and Western powers about the Iranian nuclear program continued. While no deal has been reached yet, experts say that there are signs that all parties involved genuinely want to reach an agreement. Prospects for increasing supply on the oil market in case of an agreement are bearish for oil. Iran would not be able to immediately restore its exports till the next year, but it has stockpiled enough to create a noticeable increase of supply to the already oversaturated market.

Additionally, prices dropped as the dollar advanced following the news about a bailout deal between Greece and its creditors. While the news looked good, the optimism was short-lived, replaced by concerns that it will be hard to implement the aid and it may fail to help the indebted country anyway. As a result of the greenback’s rally, commodities priced in the US currency were under pressure.

Futures for delivery of WTI crude oil in August declined 0.44 percent to $51.97 per barrel as of 23:20 GMT on NYMEX today. Contract for delivery of Brent crude tumbled 1.5 percent to $57.85 per barrel on ICE.

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