According to Nordea Bank AB, oil decline. Quotes are currently under multilateral pressure both from the „Greek theme" and expectations for successful completion of negotiations on the "Iranian case."
Data from the current futures trading showed a reduction in long positions and directing investors to sell. The market, according to the analysis of Nordea, is on the verge of a strong bearish trend. Short positions prevail.
The fundamentals remain strong in the direction of supply, demand levels persist, and volumes of production of OPEC marks the three-years top. Production in the USA fluctuated around historical highs too.
General forwarding interest in "defensive" assets on the other hand, reflects on the growth of oil futures.
Nordea's conclusions are that the negative development of the market situation (both "Greek" and "Iran") in the next few days is possible to cause Brent to test the levels under USD 60 /bar.
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