Thursday’s oil quotes continue to correct after a fall at the start of the week. Brent oil at 10:35 EET was trading at the $57.69 per barrel. The price of WTI with August delivery is $52.44 a barrel. By yesterday’s close, North Sea oil on August contracts was trading at $57.25 per barrel, whilst light crude was going for $51.77 a barrel.
The prices of oil are slightly up, despite the Chinese stock market being down, the Greek crisis and the advancement in negotiations about Iran’s nuclear program. The bears are fixing their profit, but, most likely, the growth won’t last long and, in the best of cases, will switch to a sideways trend. This evening, Iran and the G6 are looking to sign their agreement, meaning that sanctions against Iran will be gradually lifted and Tehran will be able to increase their oil production. Even though this is all expected, speculators are reacting negatively to resolution of the Iranian nuclear question.
Over the course of the day, Brent could return to the $56 per barrel mark, whilst WTI is looking to return to its $51 a barrel.