Oil settles back where it started after going for a ride

Author: Adam Button | Category: News

WTI settles at $70.29

It's another day of settlement above $70, and that's going to offer oil companies some major cashflows.

WTI ended the day up $0.29 to $70.23. It fell as low as $68.68 on Iran sanctions headlines but the market quickly concluded that 1) this didn't signal a nuclear deal, or 2) a deal is priced in

I'm torn. I think a deal is coming next week and it should be priced in but there have clearly been some snags in the past three weeks coinciding with the rally from $62.

WTI settles at $70.29
Where do I stand? Today's price action shows to me that a deal isn't priced in and if Iran can really get production back in three months, we could see $66 before $72.
Invest in yourself. See our forex education hub.
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose