Russian foreign minister says chance of deal "significantly higher than 50%".
The focus of weekend news is on Lausaanne, Switzerland where the major powers are negotiating with Iran about its nuclear program. The latest headlines show officials continuing to negotiate with newswires reporting that diplomats are wrangling over sanctions relief which will reportedly follow a phased approach.
Key to markets are the sanctions on oil exports. Iranian exports still make it to market but it's a round-about system and production might expand with better access to capital and technology. A phased approach means nothing will be undone immediately but oil is still likely to slide on a deal.
That said, crude prices tumbled late on Friday on hopes for a deal so some good news is already priced in.
Update: An official cited by Reuters said an Iran deal was "more or less reality", but that nothing was set in stone yet. Other officials were less optimistic but with the self-imposed deadline not until Tuesday, signs are positive.
