Oil - 'spectre of Iranian oil hitting the market'

Over the weekend we had the news:

• Biden restores Iran civilian nuclear sanctions relief in sign of deal progress. Watch oil

I posted a reminder on Monday in case you missed the piece:

• a slight warming of US-Iran relations. At the margin this is a negative for oil

An overnight piece from ANZ recapped:

• Crude oil futures eased lower as the spectre of Iranian oil hitting the market weighed on sentiment.
• Diplomats from both Iran and world powers are set to return to the negotiating table to discuss the Iran nuclear deal. Negotiators have cited progress in seeking a landmark deal in recent weeks. This could ultimately restore the nation’s sanctioned oil to global markets.

And added:

• Nevertheless, more bullish signals continue to emerge for oil. North Sea derivatives are trading at their highest level since 2006. Over the weekend, Saudi Arabia also raised its oil prices for customers in Asia, the US and Europe. A US refinery was also unexpectedly shut down along with other plants on the Gulf Coast, lifting spot gasoline prices in Houston to a two month high.

Oil has done little during the session today.

Oil chart via our ForexLive free charts: