- WTI crude fell for the second consecutive day after briefly touching $70/Bbl early Monday morning
- The drop in oil prices coincided with broader markets where the dollar gained, and equities retreated
- Diplomats will meet this week in Vienna for the sixth round of talks aiming at reinstating a 2015 accord that put a cap on Iran’s nuclear activity in exchange for lifting sanctions (Bloomberg)
- There is a high likelihood that a deal will be struck, according to analysts and traders. An agreement to lift sanctions would allow Iran to export up to 2 MMBbl/d sometime in 2H 2021
- According to shipbroker Gibsons, Iran has nearly 70 MMBbl of oil in floating storage, ready to hit the market if sanctions are lifted. This is about the same amount of oil in tanks at Cushing, Oklahoma, at max capacity