Markets have steadied as investors weigh early progress in Iran peace talks and
a U.S. decision to allow some Iranian crude sales. A U.S. 60-day license permits
the sale of limited volumes of Iranian oil and petroleum products. Rebecca
Babin, managing director and senior energy trader at CIBC Private Wealth
Management, said, "The road to a deal remains long; however, markets may price
in a supply glut before it arrives — just as they sometimes anticipate shortages
before they materialize — oil prices often overshoot."
