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Oil under further pressure with sanctions on Iran lifted

Monday, Jan 18 2016
Talk about the oil price will again dominate the early part of the trading week as the news of the lifting of nuclear sanctions on Iran has threatened to send oil into a tail spin. Talk of an additional supply of 500,000 barrels a day is certainly not going to do anything for positive sentiment for oil. The trouble is that oil remains a key driver of market sentiment, so once more, with sanctions on Iran lifted we see a concerning outlook for traders. 
 This comes in the wake of another negative session on Wall Street on Friday where the S&P 500 closed 2.2% lower. Asian markets have mostly reacted lower today with the Nikkei 225 down by 1.1%. European markets are mixed to lower but watch the direction of bond yields today to give an idea of the direction of sentiment for equities.
 
Forex trading shows that risk appetite is actually reasonably positive in early moves, with the euro and yen reversing gains, the commodity currencies positive and even sterling is higher. However, there are slight gains on gold (which is slightly market negative) and oil is also off again. Today is Martin Luther King Day public holiday in the US, so volumes could be fairly light. There are also no real economic announcements either.
Last modified on Monday, 18 January 2016
More in this category: « ECB likely to show concern with the tightening in financial conditions Strategistst racing to downgrade forecasts for Sterling »

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