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Oil Tumbles Almost $6 as Iran TV Says Nuclear Deal Revival Agreed

Commodities Aug 30, 2022 03:09PM ET
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By Barani Krishnan

Investing.com -- Oil closed down almost $6 a barrel on Tuesday, with global crude benchmark Brent falling beneath key $100 pricing, after a pro-Tehran television station out of London reported that Iran and the United States have reached a deal to revive a nuclear deal that could legitimately put the Islamic Republic’s oil back on the export market.

“Iran and the US have reached an agreement (on revival of JCPOA), and it will be announced in the next two or three weeks," a former IAEA official told Iran International, according to a news alert monitored by Investing.com.

Brent crude, the London-traded global benchmark for oil, settled down $5.78, or 5.5%, at $99.31 per barrel, after falling more than $6 earlier to a session low of $96.64. Brent closed Monday's session up almost 4%.

New York-traded West Texas Intermediate crude, the benchmark for US crude, settled down $5.37, or 5.5%, at $91.64 per barrel after a session low was $90.56. Just a day earlier, WTI jumped 4.2%.

Unless WTI experienced a quick bounce-back, it could return to the $88 lows seen in recent weeks, cautioned Sunil Kumar Dixit, a technical chartist for oil and strategist at SKCharting.com. 

"Technically today's price action was perfectly aligned with 50-Day EMA and Daily Middle Bollinger Band," Dixit explained, referring to the Exponential Moving Average for WTI.

"Unless a strong buying emerges from $91 - $88 range, WTI may succumb to bearish pressure and drop directly to $88.55, which marks a 61.8% Fibonacci retracement of its upswing from $62.43 to $130.50."

The JCPOA, or Joint Comprehensive Plan of Action, is the official description for the 2015 Iran nuclear deal hatched between Tehran and six global powers, under the aegis of the Obama administration. Donald Trump, the U.S. president after Barack Obama, canceled the JCPOA in 2018 and put sanctions on Iranian oil. President Joe Biden, who succeeded Trump, has allowed negotiations with Iran since last year to revive the deal.

Iran International is a Persian language television station headquartered in London, aimed at Iranian viewers, and broadcasting free-to-air by satellite. Its report could not immediately be verified with no official announcement coming out of Tehran or the United States. 

The identity of the former official of the IAEA — which stands for the International Atomic Energy Agency — is also not known. 

Adding to the pressure on oil were reports in Russian media that producer alliance OPEC+ was not discussing the possibility of production cuts yet.

Oil prices jumped almost $4 or 4% in the previous session as buyers plowed into the market on expectations of production cuts by the 23 countries in OPEC+.

OPEC+ — comprising the 13-member Saudi-led Organization of the Petroleum Exporting Countries and ten oil producing allies steered by Russia — is to meet on Sept. 5. 

Reuters reported that fuel demand had also been softened by an inflation-induced weakening of global economies. 

Inflation is near double-digit territory in many of the world's biggest economies. This could prompt central banks in the United States and Europe to resort to more aggressive interest rate increases, which could slow economic growth and weigh on fuel demand.

The European Central Bank should include a 75 basis-point interest rate hike among its options for the September policy meeting given exceptionally high inflation, Estonian policymaker Madis Muller said on Tuesday.

German inflation rose to its highest level in almost 50 years in August, beating a high set only three months earlier, data showed. Hungary's central bank raised its base rate by 100 basis points to 11.75%.

In the United States, policy-makers at the Federal Reserve appeared to be gearing towards the third 75-basis point rate in September, after raising rates by 225 since March. 

Unrest in Iraq has also failed to put a dent in the OPEC nation's crude exports, Reuters reported.

Baghdad's worst fighting in years between Shi'ite Muslim groups continued for a second day but Iraq's state-owned oil marketer SOMO said crude exports were unaffected.

Oil Tumbles Almost $6 as Iran TV Says Nuclear Deal Revival Agreed
 

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Comments (40)
Vnod Be
Vnod Be Aug 31, 2022 6:50AM ET
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hahahaha..TV says🤪🧐
Maximus Maximus
Maximus Maximus Aug 31, 2022 12:15AM ET
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reviving the deal with iran is the right and only way to go. want a middle east without nukes? then force israel to give up theirs
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Bull Power
Bull Power Aug 31, 2022 12:15AM ET
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Maximus Maximus  Nice nonsense, absolutely wrong, you and the like bots are clearly filled with anti western propoganda, Israel is a vengeful player not a ******player unlike the others you mentioned, Iran however is a provocative issue and in charge of most terrorism in the world, get your facts straight bot.
Bull Power
Bull Power Aug 31, 2022 12:15AM ET
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Maximus Maximus  And so we are clear, the US Liberty was an accident, the ship was in Egyptian waters during the 6 days war and wasn't answering calls to keep distance due to communication errors, this sometimes happens during war, friendly fire is not a new thing nor something to mention as if it was puroposful 55 years later UNLESS you are here to spew anti western propoganda for the side you support which IS north korea, Russia, Iran, China, Palestine, Syria, Jordan, Lebanon, Iraq and the other holes that deserve to be bombed because they are a problem.
Brad Albright
Brad Albright Aug 31, 2022 12:15AM ET
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Wow! You have a lot of anger.
Maximus Maximus
Maximus Maximus Aug 31, 2022 12:15AM ET
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BSPower Sure, don’t let facts get in the way of your deluded nonsense. have a good day now
First Last
First Last Aug 31, 2022 12:15AM ET
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If we want to force a nation to give up its nukes, there are so many better candidates to come first before Israel.
Brad Albright
Brad Albright Aug 30, 2022 5:50PM ET
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It's unfortunate that Iran accelerated its nuclear weapons program after ex-president Donald Trump unwisely withdrew the US form the deal. We'll have to wait to see the details of a new deal, but Iran does not yet have a nuclear bomb and cementing that status quo is an important objective for world security.
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First Last
First Last Aug 30, 2022 5:50PM ET
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Bull Power   Your 1st post in this thread said: "Iran in fact slowed down since Trump".  Now it's "the only thing leaving did was to surface the problem".  I actually kinda agree w/ your new stance: I think leaving JCPOA surfaced more an already well-known problem, and that it sped up Iran's program after it saw less benefit/reason to adhering (or as closely adhering) to JCPOA.  Anyway, it kicked out inspectors so if time estimates were iffy before exit, more iffy afterward.
Bull Power
Bull Power Aug 30, 2022 5:50PM ET
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First Last  Becaue and I repeat it again, it wasn't about Trump leaving it's all on Biden, and the only thing that keeps me from literally copy pasting what you said is that technically Biden came after Trump, a very technical correct but you have replied to a thread about the agreement being good or bad - so one could just say 'Ever since covid vaccines were invented Iran has been making faster progress towards the bomb' it's coupling between things that just happen to exist next to each other it's blaming the vaccines for something that Iran was going to do even if the vaccines didn't show up because while ever so technically true - Iran did accelerate after the vaccines showed up, it's likely not because of the vaccines but something that would have happened now anyway under the assumption (the rightful one) that there is no military option standing against them. The rest is just fluff it's just me saying that giving them benefits in addition to what they are doing is just wrong.
Bull Power
Bull Power Aug 30, 2022 5:50PM ET
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At any rate I said all I can say - this agreement is bad, you can't consider any military action while you are bound by an agreement that say that you agree to the terms presented, the terms presented even if Iran doesn't breach them this time (and they did last time) doesn't stop them from getting a bomb in 8 years, it's not a real period of time if you can't take military action in the duration and since we all know that Iran having a nuclear bomb is a bad idea, it's just a bad idea to allow this, that's really all, blame Trump, blame Obama blame Biden blame the teenage mutant ninja turtle if you want, the current situation being 'cemented' is a bad idea. Of course if magically Iran had to stop developing missiles, had to stop funding terror organizations, had to stop making military bases in Iraq and Syria and couldn't enrich Uranium above 5% ever with a military operation as the 'what if not' that could have been a great agreement, it's just not the one currently at hand.
First Last
First Last Aug 30, 2022 5:50PM ET
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Bull Power   "can't consider any military action while you are bound by an agreement"  --  Yes, that would be a good reason to exit, except Trump made no/few moves to go kinetic despite Iran providing many provocations.  (And I never said the JCPOA was good.  I just questioned exiting it slowed down Iran.  I was questioning if no deal was better than JCPOA.)
First Last
First Last Aug 30, 2022 5:50PM ET
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And Trump/retrumplicans like to gloat how there's no new war under Trump, so there's a dissonance there.
vishab brambhatt
vishab brambhatt Aug 30, 2022 5:45PM ET
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Wow priorities of this administration. Let’s remove sanctions from Iran, rather than help negotiate with Venezuela whose people are suffereing and is in our back yard. Not to mention they have more oil than Iran
Brad Albright
Brad Albright Aug 30, 2022 5:45PM ET
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The Iran deal is primarily about nuclear nonproliferation and doesn't preclude helping the people of Venezuela. What do you think should be done?
Bull Power
Bull Power Aug 30, 2022 5:45PM ET
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Brad Albright He is telling you that factually this deal is for the oil, Iran needs to be attacked while it's possible their reactors need to be destroyed there should be worse sanctions on them, end of story, meanwhile the oil can and should flow from Venezuela, it's a win win.
SunilKumar Dixit
SunilKumarDixit Aug 30, 2022 5:45PM ET
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About Venezuela, yes you are correct.
Anonymous Anonymous
Anonymous Anonymous Aug 30, 2022 5:45PM ET
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Well, both should be done... An agreement with Venezuela and Iran... Kick Russian asses!
Bull Power
Bull Power Aug 30, 2022 5:20PM ET
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Great news! Now Iran can have nukes AND get billions from Europe and the US to spread terror all over the world, because those ****** didn't learn anything at all from Russia nor North Korea and didn't even learn any lesson from the whole ISIS situation, nope - we need discount on oil so the future of humanity can burn! If a problem will take 2-3 years to manifest that just means there's no problem right?
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Barani Krishnan
Barani Krishnan Aug 30, 2022 5:20PM ET
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Brad Albright  Great comeback from a bot! LOL
Bull Power
Bull Power Aug 30, 2022 5:20PM ET
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Barani Krishnan  Man I thought I was joking but you are actually making me dread that I have been talking to bots the entire time, this is amazing, listen listen no hard feelings I am always excited about the progress of AI, shame you are using an early version but you have my support.
Brad Albright
Brad Albright Aug 30, 2022 5:20PM ET
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Bull Power Yes! Yes! That was me! When I was only 2 years old. My, how I have grown.
Brad Albright
Brad Albright Aug 30, 2022 5:20PM ET
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Bull Power My friend, I've enjoyed our little escapade, but all kidding aside and because I'm not so completely jaded as to ignore the humanity of people, even if pseudonymous on the internet: We could very likely find ourselves capable of having a respectful conversation over coffee. If we did, I'd tell you I'm concerned about your thought formation. I'd encourage to you deploy Occam's razor as your first reaction, to adhere to principles of reason and critical thinking, to learn how to analyze information for accuracy and truth, and to make a conscious effort to not fall into the trap of bias confirmation. If you have a chance, continue some formal education. Peace be with you. Your new bot friend -- beeep meep bop doop.
Bull Power
Bull Power Aug 30, 2022 5:20PM ET
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Brad Albright I like how you have the nerve to write this smug comment after I proved you wrong but I guess you aren't advanced enough to calculate any other response but crawl back defensively to some default 'You might be right this time, but you are still wrong to address me like a big meanie!' But that's ok, I am used to your type that's why I once again reiterate you are less than a bot, the bot would have ended on the how have I grown joke, just a lesson for you to learn in the future.
chukwuma ememe
chukwuma ememe Aug 30, 2022 4:39PM ET
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The way monentry policy makers are going about using QT to tame inflation could turn counterproductive if caution is thrown to the wind, it should be arithmetical rather than geometrical . Geometrical rate hike could breed hunger may be upheaval.
Sanjay
Sanjay Aug 30, 2022 4:14PM ET
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Money will give birth of another ****group. Every dollar of petro money ends up in terrorism...Why not take crude from Latin America
John Berry
John Berry Aug 30, 2022 4:13PM ET
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Deal with the Devil
John Berry
John Berry Aug 30, 2022 4:12PM ET
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Deal with the Devil
Hunt Richardson
Hunt Richardson Aug 30, 2022 3:17PM ET
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Watch what the mullahs do with the money. Can u guess?
Barani Krishnan
Barani Krishnan Aug 30, 2022 3:17PM ET
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Buy "God of War" on Playstation?
Brad Albright
Brad Albright Aug 30, 2022 3:17PM ET
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Barani!!! LOL!!!
Barani Krishnan
Barani Krishnan Aug 30, 2022 3:17PM ET
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Brad Albright  Couldn't resist! :)))
SunilKumar Dixit
SunilKumarDixit Aug 30, 2022 3:17PM ET
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They might order a customized Playstation to please and indulge in all uncanny whims 🤣
 
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