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Oil prices dip as Iran, world powers close to signing nuclear deal

Oil prices dip as Iran, world powers close to signing nuclear deal

Oil prices dip as Iran, world powers close to signing nuclear deal

Despite the Arab nations attacking Houthi Shia fighters in Yemen and Saudi Arabian fighter jets that they obviously bought from United States plummeting much of Sana, oil prices are going down.

This may be because of hopes that the breakthrough on Iran nuclear deal may be very close.

Earlier today oil prices went south further taking the oil prices down and taking the sheen off it. Iran and world powers are in intense negotiations as war for Tikrit in Iraq continues while Saudi Arabia and its allies continue to pound Ali Abdullah Saleh’s rogue military battalions besides those of Houthi militia who have taken over much of the majority Sunni nation of Yemen.

Oil-Rig-Explosion-Though there are hopes that Iran deal can be finalized within days there are fears that it may still fall flat. In the meantime international benchmark Brent crude oil futures were at $56.41 a barrel at 0131 GMT.

ANZ Bank while talking about the trend said, “Any relaxation of Iran oil sanctions could see increased exports adding to swelling global supplies and further pressuring prices”.

On the other hand Goldman Sachs said, “The current rig count is pointing to U.S. production declining slightly sequentially in 2Q15 and 3Q15…U.S. producers are preparing to ramp up activity later this year by successfully raising equity and building an uncompleted well war chest. Coupled with the large availability of external capital, this leaves risk to our $65 per barrel 2016 forecast skewed to the downside as these assets will quickly be deployed in a lower cost environment”.

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