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.
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