Posted on 04/02/2015 9:29:20 AM PDT by Citizen Zed
Oil prices briefly fell more than 4 percent to session lows on Thursday after officials announced a press event in Lausanne, Switzerland on nuclear talks between world powers and Iran.
If successful, the discussions could allow the Islamic state to release more crude oil onto world markets. Negotiations on Tehran's disputed nuclear program have stretched well beyond a self-imposed March 31 deadline, with diplomats saying the chances of a preliminary accord in the next few hours are finely balanced.
Around 11 a.m. EDT on Thursday, a European Union representative told reporters there would be a press conference at an unspecified time and asked them to move to a designated area immediately.
Tehran is hoping for a deal that will end crippling economic sanctions and allow it to sell millions of barrels of oil, some of it stored at sea in supertankers and ready for delivery.
"We don't know what exactly is happening in the nuclear talks but the chances of a deal of some sort look quite high," said Eugene Weinberg, head of commodities research at Commerzbank in Frankfurt.
"Investors seem to have taken a view that there will be a deal and the market is already oversupplied," Weinberg added.
(Excerpt) Read more at mob.cnbc.com ...
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