Oil falls on possible lift of Iranian sanctions.
Oil continues to fall today – after diplomats said progress was made towards a deal to lift sanctions from Iran, which could massively add to crude supply. Iranian President Hassan Rouhani said today that sanctions on oil, shipping, petrochemicals, insurance and the central bank had been dealt with in the talks. What is more – Indian refiners and at least one European refiner are re-evaluating their crude purchases to make room for Iranian oil in the second half of this year, expecting that U.S. sanctions will be lifted. Another factor adding to the bearish pressure on oil are concerns about the demand outlook in Asia after almost two thirds of people tested in India showed exposure to the coronavirus.
Except sellers on upward corrections.
Next support to watch – 60.80
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