Oil prices fell, yesterday, as the euphoria from the Fed’s commitment to maintain the pace of asset purchases faded. Prices also came under pressure from the increased focus on Iran and the apparent outreach that has occurred between Iran and the US. The New York Times has chronicled the behind-the-scenes activities, and a meeting between Rouhani and Obama appears likely to occur next week. There is no reason to gush that this represents a new Perestroika, but we can give hope a chance. Highlighting Iran’s plight, India’s imports of Iranian crude have fallen by 40%.
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