Talks will resume in Vienna
That raises weekend risks for the oil market. Yesterday’s price action certainly showed some concern about a deal, with prices falling $1 and then rebounding when it was only one former oil official who had sanctions lifted.
The US tried to spin that shift as immaterial but I don’t think it’s a coincidence. Moving this timeline up also suggests progress.
WTI is up 26-cents on the day to $70.56. I think a deal is coming and it will send oil down to $67 next week, if not lower. However if a deal falls through again, that could mean a considerable delay in negotiations with Iran’s election coming on June 18.