Crude oil prices neared four-month lows on Friday, set for their fourth straight week of declines, after data showed a contraction in China's factory sector and the dollar rose against a basket of currencies.
Having less sweeping market consequences--but very key to the price discovery of the energy sector--is the news that the United States and five other nations have a struck an accord with Iran exchanging deterred nuclear development for easing of economic sanctions.
Iran and six world powers ramped up negotiations on Tuesday after accepting they would miss a June 30 deadline for a nuclear deal, with both sides cautioning that major obstacles to a lasting agreement remained.
While the moment of truth for a Greek default is just hours away, Greek Prime Minister Alexis Tsipras says that the European Union wouldn't dare allow a Greek Exit from the Eurozone. Crude oil prices are also getting some support from that fact that the self-imposed dead line with the p5+1 will miss its deadline.
The wholesale price of gold in London leapt at the start of Thursday's trade, rising $45 per ounce to hit one-week highs above $1,320 after the U.S. Congress reached a short-term deal on the government's debt limit.