Crude markets recovered from deep losses early in the session, but still ended the day in the red.
News that a pact was reached pushed prices down, as speculators were anticipating that Iranian crude would soon be let back into the market.
Prices recovered from early losses, though, as details of the pact became known: the main ban on Iranian oil exports would remain in place, but Iran agreed to freeze its nuclear program in exchange for some easing sanctions.
Though its a step in the right direction, we are not yet at the point where crude from Iran will enter the global market.
WTI prices stayed down more than Brent, as domestic production in the U.S. stays strong and supplies are on the rise.
Investors will keep eyes on any news surrounding the Iran situation, as they are all looking for signs of crude exports going into the market.
Focus will also shift to reports on the supply & demand situation in the United States.
WTI fell $0.75 to end the session at $94.09/bbl, while Brent recovered from early losses to settle down just $0.05 at $111.00/bbl. Bunker prices were stable in the primary ports.