Prices recovering from crude Iranian reaction

FXstreet.com (London) – Crude prices are rebounding on doubts that the Iran nuclear accord signed earlier this week will have a major effect on oil supply in the short to medium term.

The accord, signed in Geneva on Monday following protracted negotiations will see Iran freeze or roll back current uranium enrichment programmes to signal that they do not intend to enrich to weapons grade.

Iran will also give greater freedom and access to UN weapons inspectors in exchange for a lifting of USD7bn of sanctions. However these sanctions do not include the bulk of the sanctions placed on Iranian financial institutions …read more