{"id":20145,"date":"2023-06-08T17:22:13","date_gmt":"2023-06-08T21:22:13","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-down-more-than-1-on-reports-of-on-then-off-iran-nuclear-deal\/"},"modified":"2023-06-08T17:22:13","modified_gmt":"2023-06-08T21:22:13","slug":"oil-down-more-than-1-on-reports-of-on-then-off-iran-nuclear-deal","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20145","title":{"rendered":"Oil down more than 1% on reports of on-then-off Iran nuclear deal"},"content":{"rendered":"
\n

Investing.com — Crude prices tumbled anew Thursday before closing off their lows as a report suggesting a U.S.-Iran nuclear deal that would let the Islamic republic legally export some of its sanctioned oil was refuted by the White House.<\/p>\n

\u201cThis report is false and misleading,” a spokesperson for the White House National Security Council said in comments carried by Reuters, referring to the report that appeared on the Middle East Eye website. “Any reports of an interim deal are false.”<\/p>\n

The denial didn\u2019t stop oil markets from registering a substantial drop on the day, though they finished off the bottom.<\/p>\n

New York-traded West Texas Intermediate, or , crude settled down $1.24, or 1.17%, at $71.29 per barrel. It plunged to as low as $69.09 earlier, breaking the key $70 support.<\/p>\n

London-traded crude officially finished the day down 99 cents, or 1.3%, at $75.96. Brent\u2019s session low was $73.61, breaking its $75 support.<\/p>\n

\u201cWhile we wait to see if U.S.-Iran nuclear negotiations get anywhere after this, today\u2019s price move tells you there are so many things that aren\u2019t well with the oil market despite Saudis attempts to push it higher with one promised production cut after another,\u201d said John Kilduff, partner at New York energy hedge fund Again Capital.<\/p>\n

Saudi Arabia said on Sunday it would take off another million barrels per day from its production in July, effectively removing some 2.5M barrels per day since October from its normal daily output of 11.5M barrels. The Saudi pledge came after its 12 partners in OPEC, or the Organization of the Petroleum Exporting Countries, and 10 other allies, including Russia, in OPEC+ alliance decided to stay pat on production.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Crude prices tumbled anew Thursday before closing off their lows as a report suggesting a U.S.-Iran nuclear deal that would let the Islamic republic legally export some of its sanctioned oil was refuted by the White House. \u201cThis report is false and misleading,” a spokesperson for the White House National Security Council said […]<\/p>\n","protected":false},"author":1,"featured_media":3666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-20145","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil down more than 1% on reports of on-then-off Iran nuclear deal | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Crude prices tumbled anew Thursday before closing off their lows as a report suggesting a 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