WTI hits six-month on Iranian deal, recession fears

Western Texas Intermediate crude oil has dropped from 1% to 3%, extending its losses to three consecutive days. Mixed US data and weaker Industrial Production as well as Retail Sales from China keep producers uncertain of total oil requirements. The Iran nuclear deal agreement would free additional crude to the global market, a sign of lower energy prices.

WTI, drops to six-month lows on recession fears, alongside mounting speculation of an Iran deal, which would free more than 700K barrels per day to the battered oil market. In the meantime, WTI crude exchanges hands at $86.9 PB, slightly down 0.80%.

Investors’ mood remains positive, with US equities posting recoveries, despite an ongoing deceleration in the US economy. The factors abovementioned weighed in oil prices, with WTI further tumbling below the 200-DMA at $95.51. Additionally, Monday’s data from China revealed that Retail Sales and Industrial Production missed expectations, increasing uncertainty about oil’s demand.