Gartman Says Oil Will Continue Under Pressure

The lessening of economic sanctions against Iran in a deal announced this week will keep downward pressure on crude oil prices, commodities trader Dennis Gartman said Monday.

“It’ll be some while. They’re not going to come online tomorrow. They’re not going to come online next week,” he said. “But the market believes and understands, and I think rightfully expects that by the turn of the year we’re going to have Iranian crude oil coming back to the market.”

(Read more: Iran deal unlikely to help much at the gas pump)

On CNBC’s “Fast Money,” the editor and publisher of The Gartman Letter noted activity in term structures for crude oil, specifically West Texas intermediate going into contango.

Contango occurs when futures prices for a commodity are greater than the current spot price.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza