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TheStreet Open House

Oil Down on Nuclear Iran Deal

Stock quotes in this article: XOM, CVX, COP, BP, RDS.A

The video that this transcript is based on appeared on Nov 12.

NEW YORK (TheStreet) -- Dan Dicker talks with Joe Deaux about the scuttled nuclear deal with Iran and what's in store for oil prices.

VIDEO TRANSCRIPT:

Gold is down, oil is down. Good morning I'm Joe Deaux their reporting from the NYMEX. Oil prices are slightly lower on Tuesday as a number of traders continue to contemplate a stockpile in Crude Oil, we'll see the EIA report coming out tomorrow, but we also have nuclear program talks with Iran that are coming up next week. Inside our studio wall street is Daniel Dicker to talk about the issued and when we look at the Iran issue how is this affecting the global oil markets?

It's a big deal Joe I mean there's been a lot of pressure put on the oil market recently, because of these talks with Iran, but they did come to nothing over the weekend but the expectation I believe is still that there are some agreement will be reached next week or the week after in Geneva, and therefore the pressure on oil remains. Now that's our really a brent issue we're talking about, so the lower prices we're seeing today in WTI are more of what you're talking about, which are the upcoming reports that will be out on Wednesday, but the Brent prices actually showing a little more strength today and that's because of the failed or at least temporarily failed talks in Geneva between all seven powers

and Iran. One of the interesting things about the talks is that there has been some pushback from not only some members in congress but also from the French, and that's been an interesting change in events and it's the Iranians who in fact have said "no" to most of the compromises that have been put on the table in Geneva, so we'll have to see what goes forth from this, but Secretary of State is still pretty optimistic that they will find an agreement here somewhere.

Alright well Daniel Dicker always thanks so much. I'm Joe Deaux from TheStreet.

Written by Joe Deaux in New York.

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