CNN reports that Iran is dropping key demands in the nuclear deal, which could lead to an early agreement. Previously, pressure for an agreement was presented by the European Union and Russia. Moreover, a nuclear agreement would be portrayed as a success for Biden, who now needs a win and downward pressure on oil prices ahead of the fall elections for Congress.
On the other hand, we are seeing a powerful rebound in oil prices. As we reported earlier, OPEC+ is ready to cut production. This is confirmed by as many as 9 sources from OPEC+. The cuts would come in response to increased production from Iran. WTI crude oil is gaining more than 3.0% today.
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Source: xStation5
