Brent crude oil prices took a big hit, yesterday, falling back below $60, on a rebound in Libyan output and hopeful analysis around the Iran nuclear talks. As we noted, yesterday, Iran foreign minister was on the wires touting a possible breakthrough, but Secretary of State Kerry walked those hopes back later in the day. The newest wrinkle is the curious demand from Iran that all sanctions be immediately ended, if an agreement in principle is reached. We thought it was a translation issue on the wire, but it was not.
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