Crude oil remains under pressure as supply and demand fundamentals are strained due to lack of product drawdown. In addition, Iran and six other global powers, led by the United States, have reached a historic agreement on the future of Iran’s nuclear programs. Part of the deal will lift sanctions that have been placed on Iran to curb its nuclear program, which means Iranian oil will flood the global market. Iran could add as much as 500,000 a day, further exasperating the oil supply glut. Luke Rahbari of Stutland Volatility Group tells TheStreet’s Jill Malandrino he looks at crude in even numbers and expects it to trade in the $50-$55 range in the near term.
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