Deutsche Bank: Brent Oil Recovers After Initial Dip on US-Iran Deal
Deutsche Bank reports that Brent crude initially fell on the US-Iran memorandum of understanding as war premium faded, but later reversed to close slightly higher.
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According to Deutsche Bank, Brent oil experienced a volatile session following the news of a US-Iran memorandum of understanding. The initial reaction was a decline as investors unwound war-related risk premiums, but the price reversed course and ended the session marginally higher.
The bank's note suggests that the market is reassessing geopolitical risks after the diplomatic move, yet the close above the day's open indicates lingering supply concerns.
Source: FXStreet Forex News