Officials with the United Nations Security Council and Iran are looking forward to convening next month in Iran as the price of crude oil futures fell Monday for the second consecutive trading session, according to Bloomberg.
As fallout of the first international diplomacy in 15 months with Iran regarding its nuclear ambitions, the value of the energy commodity fell as much as 0.9 percent. Officials from Iran and the U.N. body's five permanent members – the U.S., the U.K., China, France and Russia – as well as Germany convened in Istanbul and agreed to meet May 23 in Baghdad.
"The market is looking at the Middle East as well, especially on Iran's nuclear weapons program, as the issue needs to be resolved as soon as possible ahead of the U.S. elections," commodities fund manager Tetsu Emori with Astmax Investments told the International Business Times.
At 9:12 a.m. on Monday, crude oil futures dropped 1.14 percent, a $1.38 slip to $119.83 per barrel.
The oil-rich Middle Eastern nation is in danger of enduring more sanctions if it does not reach a breakthrough with its negotiating partners within months, U.S. President Barack Obama said.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.