Oil quotes at the opening of this week are rising. Brent crude at 10:45 EET was selling at $63.40, whilst WTI with July delivery was trading at $60.41 per barrel. At last week’s close, North Sea oil on July contracts was trading at $62.83 a barrel and the price of light crude was $59.74 per barrel.
This week sees a re-start of the negotiations between Iran and the G-6. All sides are looking to see off the negotiations and get an agreement signed to regulate Iran’s nuclear activities and guarantee the removal of sanctions on condition that the country adheres to the conditions set out. Don’t forget, the deadline for the closure of the agreement is 30th June.
In addition, the deadline of the Iran agreement runs parallel to that of Greece and its creditors. If Greece doesn’t make its payments then it will be declared bankrupt. Due to this the euro could renew its fall. For its part, the strengthening of dollar due to this will negatively affect oil quotes. A strong dollar often leads to a correction of commodities prices.
Throughout the day, Brent will trade between $62-64.5 per barrel, whilst WTI could fall to will be in a corridor of $58.5-61 per barrel.