MTECHTIPS:-Crude moves lower amid delays in Iran talks, preliminary Greek deal
Crude futures moved lower on Monday, amid a stronger dollar supported by a preliminary Greek bailout deal and further delays in Iranian nuclear talks. On the New York Mercantile Exchange, WTI crude for August delivery fell 0.57 or 1.05% to $52.20 a barrel. During Monday’s session, WTI crude futures traded in a broad range between $51.28 and $53.17. U.S. crude futures are now down approximately 13% since closing above $61 on June 23. On the Intercontinental Exchange (ICE), brent crude for August delivery reached a session-high of $59.14 a barrel, before dipping to 58.17, down 0.81 or 1.38%. Brent futures have fallen about 7.75% since closing at $64.45 on June 23. The spread between the international and U.S. benchmarks of crude stood at 5.97, below Friday’s level of 6.26.On Monday afternoon, Iran foreign minister Mohammad Javad Zarif told the Iranian News Agency that no deal will be reached on a comprehensive nuclear deal before the expiration of a midnight deadline. Over the last two weeks, Iran and a group of six western powers have extended the deadline on a final agreement three separate times amid sticking points on the easing of missile, political and economic sanctions against the Gulf state.The White House, meanwhile, emphasized that “genuine progress,” had been made in the negotiations in spite of the further delays.