Kelly Eckhold: Westpac Chief Economist on oil prices dropping amid Iran deal negotiations
Oil prices fell significantly throughout last week as discussions regarding an Iran deal continued to take place.
Prices are down around 8 percent for the week with Brent crude around $91 a barrel.
Westpac Chief Economist Kelly Eckhold says rumours regarding an imminent Hormuz opening agreement caused prices to drop on Friday, but things aren't fully stable.
"Mediators had sent a proposal to Trump for an agreement and then noted on his Truth Social account that he was going to make what he called a 'final determination' on the Iran issue. He was in this meeting, but we weren't that lucky."…
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