The oil price is grounded in a sub-$60 bear market. On July 6, Brent crude fell over 6 percent on the back of worries about Greece and the prospect of an Iran nuclear deal. The latter has a much bigger, if delayed, impact. Oil steadied on July 7 to just above $57 a barrel, but plenty of other factors are likely to keep a lid on prices.
On one level, the steep drop looks overdone. True, the outcome of the Greek referendum has shortened the odds on its exit from the euro zone. But equity and bond markets greeted the news with relative calm on the assumption that the European Central Bank will respond to any signs of contagion by cranking up bond purchases...............................................Full Article: Source
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