Commerzbank Sees Limited Downside for Oil as Iran Sanctions Ease
Commerzbank analyst Carsten Fritsch says Brent crude has dropped below $80, briefly touching $76.5, after the US allowed Iran to export oil until at least August, but sees limited further downside.
Brent crude oil has fallen back below the $80 level, briefly hitting $76.5, following the US decision to permit Iran to continue exporting oil and oil products at least through August.
Commerzbank analyst Carsten Fritsch commented on the move, describing it as a factor that has weighed on prices. However, he suggests that downside is limited from current levels, implying that the market may have already priced in much of the bearish impact from the sanctions easing.
The note does not specify a price target but reflects a neutral-to-slightly-bullish bias for the commodity in the near term.
Source: FXStreet Forex News