West TX Oil Below $49.50 on Iran

Brent crude tumbled more than 3 percent on Monday on speculation of a nuclear deal that could boost Iran’s oil exports.  U.S. crude fell 17 cents, or 0.3 percent, to settle at $49.59 a barrel. It rose about 1 percent earlier as traders bet the gap between the two would narrow.

Brent crude was down 2.9 percent, at $59.65. Front-month Brent jumped 18 percent in February, the largest monthly rise since May 2009.

Iranian Foreign Minister Mohammad Javad Zarif said a deal on Iran’s nuclear program could be concluded this week if the United States and other Western countries had sufficient political will and agreed to remove sanctions on Tehran.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.