Iran’s lifted sanctions and more downside in oil to come

By FXStreet FXStreet (Guatemala) – With the price of oil a main topic this year trading at yearly lows and now below $30 a barrel, the start of the week comes with new developments in the Middle East and Iran.

40 year old economic sanctions have been lifted after inspectors confirmed on Saturday that Iran had taken the required steps to limit Iran’s nuclear programme. The news comes as a surprise to markets and are quickly reminded that Iran had promised since the Vienna agreement was signed in July to pump 500,000 additional barrels of crude per day when sanctions were lifted. Iranian President Hassan Rouhani said on Sunday that the deal was “a turning point” for Iran’s economy.

WTI plummeted through the 2015 lows of $34.26 in the first week of trade for 2016 and has reached as low as $29.11amidst Global supply.
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Source:: FX Street