Nuclear Talks with Iran Set to Resume
November 30, 2021
The Biden administration said they will continue with their plans to release barrels from the SPR despite crude oil’s recent price pullback. This will add to current bearishness. The administration also said if needed they would be willing to release more barrels from the SPR to calm prices.
The nuclear talks with Iran are set to resume and the outlook is currently positive which could eventually lead to Iran crude oil barrels making it back to the market which would be a bearish development for crude prices.
OPEC has pushed their meetings back a day. The meeting starts December 1, and they should have some announcement in the afternoon of December 2nd.
All of the uncertainty about the new variant Omicron is the major news impacting markets. There are a lot of unknowns at this point which is adding to the fear which is driving prices. There are those that think the selling has been overdone to the downside driven by these fears. Time will tell as more information become available.
The other factor adding to the bearishness was Modern’s CEO saying there was some doubt about the efficacy of the covid-19 vaccines against this new Omicron variant.