Breakdown in Iran nuclear deal set to add $10 to oil prices?
 

Breakdown in Iran nuclear deal set to add $10 to oil prices?
http://img.s-msn.com/tenant/amp/enti...6&q=60&o=f&l=fA complete breakdown in talks between Iran and the US and five other countries over the Iranian nuclear program would add $10 to oil prices as the market is currently pricing in a return of the latter’s oil very soon. How likely is this deal to be done? Last week Iran’s supreme leader, Ayatollah Ali Khamenei said most sanctions should be lifted even before Iran dismantles nuclear infrastructure or allows international inspectors to verify it is keeping its commitments. Major problem He also ruled out freezing nuclear enrichment for as long as a decade and reiterated a refusal to allow military sites to be inspected. Complicating the situation, Iran’s parliament this week passed a bill banning access by International Atomic Energy Agency inspectors to those sites. Will the failure to reach a deal with Iran be the catalyst to push oil prices higher? It could well be. If so it will likely come on top of a reduction in US oil output due to the pressure on the tracking industry to reduce production. It’s been surprisingly resilient this year but reality has a habit of catching up with production and oil prices just are **t high e**ugh for the frackers, or at least **t yet. Then again China has been stockpiling oil this year and has bought around 25 per cent more than last year. What if its slowing eco**my and plunging stock market brings weaker demand? Video link click here!