By Catherine Kent
On April 6, 2015, The National reported that due to a
preliminary deal last week between the United States and Iran, oil prices have
bounced back. The world benchmark North Sea Brent crude oil futures are trading
up 2.7% from the close of the previous day, at $56.47. While a deal was reached, it was not the
final deal, and both parties also agree that this is just the first step down a
long road. The plan is for the sanctions to be lifted slowly in congruence with
Iran’s meeting certain milestones within the agreement. This bounce-back in oil
prices might be short-lived as, Iran has 700,000
barrels per day of spare capacity that it has not been able to sell since
the sanctions were put in place.
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