Oil drops on prospects of Iran deal and prospects of US exports

By FXStreet FXStreet (Mumbai) – Oil prices dropped on Wednesday after US congressional leaders agreed to put an end to US oil export ban, while Iran’s Rouhani expressed hope that a deal would be reached in January.

At the time of writing, the WTI oil was down 21 cents or 0.5% at USD 37.14/barrel. Brent futures were down 1.4% or 55 cents at USD 38.19/barrel.

The bearish pressure also came from the data released on Tuesday from industry group the American Petroleum Institute showed a surprise rise of 2.3 million barrels in US crude stockpiles last week.

The markets now await the US government’s weekly inventory data and the FOMC rate decision.
For more information, read our latest forex news. …read more

Source:: FX Street