After The Iran Deal To Sweeten
Oil prices dropped further in Asia on Tuesday, amid signs the deal soon between Iran and Western powers that would enable Iran crude oil flows back to the global market is already saturated.
A strong u.s. currency have also made the dihargakan commodity in dollars more expensive, reducing demand, analysts said.
The benchmark us light sweet crude or West Texas Intermediate (WTI) for August delivery dropped 75 cents to
.45 u.s. dollars per barrel, and the Brent crude for August eased 60 cents to 57,25 dollars in afternoon Asian trade.
"It seems that the deal was already in the final stages to sign," said Daniel Ang, an analyst at Phillip Futures investment Singapore, referring to the long-running talks between Iran and major powers in Vienna.
"This is probably the biggest problem for this week for the oil market," he told AFP.
Intense negotiations in the capital of Austria that lasted until the early hours of Tuesday, as signs that the deal looks increasingly imminent.
Foreign Ministers from six major countries roll out what is expected to be the last meeting Tuesday morning ahead of the planned announcement will bring closer the urge the 18-days to reach an agreement.
The agreement aims to curb what the West had expected Iran's efforts to build a nuclear bomb and led to the lifting of punitive economic sanctions, which have strangled Tehran's oil exports.
Analysts said that the return of Iran to market crude oil will aggravate the current oversupply and depressed prices further.
Adding to the pressure drop, the dollar strengthened in Asian trade against the yen and the euro after Greece reached an agreement for a new bailout bailouts or maintain fixed in euro zone, making it easier for the Federal Reserve to start raising interest rates are tribal.
