Platts summarized the fall in oil prices that continued during the Asian period:
- pressed by the news that Iran and the Western powers were ready for broader talks on the Asian country’s nuclear program before the end of November, paving the way for the return of Iranian oil.
- Reports of building up large stocks in the US also added price pressure
On these, the inventory report published overnight:
And, the info on Iran:
I think the return of Iranian oil will be a long and drawn out process, Platts agrees:
- Analysts have warned that the negotiations will likely be a long process and not result in Iranian oil returning to the market quickly.
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