USOIL Retreats As Iran Nuclear Talks Resume
Iran Nuclear Talks
The eighth round of negotiations between key western countries and Iran, in regards to its nuclear program, is expected to resume today. The talks are held in Vienna, in the framework of the Joint Comprehensive Plan of Action (JCPOA).
The JCPOA is the Iran nuclear deal that was agreed between the country and the P5+1 group, which includes China, France, Russia, the United Kingdom, the United States (members of the UN Security Council), plus Germany.
The deal was adopted in 2015, but was scrapped when the US withdrew under the Trump administration. Negotiations for a return to that accord begun in April 2021 and a successful conclusion would lift sanctions on Iranian oil, although it is not clear how much oil it can add to the market.
Iranian Oil Minister Javad Owji, found the opportunity to press towards this direction, after last week's OPEC+ production decision, suggesting, "a quick lifting of the US unilateral and cruel sanctions against Iran". He also noted that "global oil market needs an increase in Iran's oil supply and we are ready to boost our supply to the market as quickly as possible". [1]
OPEC and allies (OPEC+) have been slowly ramping up their output, but struggle to meet their quotas, while high oil prices have been creating headaches to the Biden administration.
USOIL
The commodity comes from seven straight profitable weeks, having hit on Friday, its highest level (93.17) since September 2014. The current one has started on the back foot, weighed partly by optimism around the Iran-P5+1 talks.
This makes it vulnerable to the ascending trend-line form this year's lows (currently at around 87.50), but the downside seems well protected, with the EMA200 following (83.50).
Despite this week's difficulties, bulls have not lost control and may get the chance to push for fresh highs towards and beyond 95.49, although more pressure may precede.
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
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