Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources said the group and non-member Russia were still trying to bridge differences between the kingdom and Tehran.
Having less sweeping market consequences--but very key to the price discovery of the energy sector--is the news that the United States and five other nations have a struck an accord with Iran exchanging deterred nuclear development for easing of economic sanctions.
A Greek deal and a possible Iran deal is giving crude oil mixed signals. On one hand, it seems that a deal in Greece will allow the market to focus on the more positive data that has been coming out of the Eurozone.
Details, just details. Crude oil prices rallied after Iran's Supreme Leader Ayatollah Ali Khamenei and President Rouhani made some comments that make it look like the wood is coming off of the "framework deal."