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31 Mar 2015
Brent could visit the $52.00 mark – Danske Bank
FXStreet (Edinburgh) - In the opinion of Senior Analyst Flemming Nielsen at Danske Bank, markets’ attention remains on the Iran-P5+1 meeting and its implications for the crude oil prices.
Key Quotes
“Today is also the deadline for reaching a deal between the so-called P5+1 and Iran: while a permanent lifting of sanctions is not in the cards, a less harsh Western stance on sanctions could fuel speculation that some of the significant amounts of Iranian oil currently in storage could be released to an already very well-supplied market”.
“In our view, the arrow is down for oil in the near term notwithstanding the Yemen-Saudi unrest which for now has little potential to disrupt global oil supplies”.
“For Brent, a test of mid-March lows of close to USD52/bbl could be seen and this could drag EUR/USD down with it”.
Key Quotes
“Today is also the deadline for reaching a deal between the so-called P5+1 and Iran: while a permanent lifting of sanctions is not in the cards, a less harsh Western stance on sanctions could fuel speculation that some of the significant amounts of Iranian oil currently in storage could be released to an already very well-supplied market”.
“In our view, the arrow is down for oil in the near term notwithstanding the Yemen-Saudi unrest which for now has little potential to disrupt global oil supplies”.
“For Brent, a test of mid-March lows of close to USD52/bbl could be seen and this could drag EUR/USD down with it”.