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Tuesday, 24 April 2018

Crude Slumps as Macron Iran Deal Proposal Eases Sanction Worries - Bloomberg

Crude Slumps as Macron Iran Deal Proposal Eases Sanction Worries - Bloomberg:

"Oil dropped to a one-week low after French President Emmanuel Macron proposed negotiating a new deal with Iran to contain its nuclear program in a bid to keep the U.S. on board.

Futures in New York, which had briefly climbed as President Donald Trump talked about Iran sanctions, ended the session 1.4 percent lower after Macron spoke during a visit to Washington. Meanwhile, the American Petroleum Institute was said to have reported U.S. crude inventories rose by 1.1 million barrels last week.

Macron “has quickly switched to ‘let’s negotiate a new deal.’ It was a bit of a surprise,” said Bob Yawger, director of futures at Mizuho Securities USA Inc. in New York. “It would be a deal that would get everyone involved and try to avoid a confrontational situation. It does seem to be a situation that would hopefully not involve taking barrels off the market.”"



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