Iran and the P5+1 today agreed on a nuclear deal, which when implemented will lead to a removal of sanctions on Iran's oil exports.
The past two weeks' 10% slide below USD58/bl for Brent means the effect of the deal is already reflected in the oil price to a large extent. We do not see further downside to the oil price on the back of the nuclear deal, while implementation of the deal over a long period would keep volatility high.
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