Market Lab Report - Premarket Pulse 7/7/15
The plunging price of oil is due to issues in Greece which could force Greece out of the Eurozone as well as a sharp slowdown in China, which has been an area of growth in recent years. The worries of further dominoes to fall could push the Eurozone into yet another recession which would reduce demand for oil. Further, agreement between the West and Iran over Iran’s nuclear program whose deadline is today would lift sanctions and enable the country to export oil once again which would have a marked impact on the supply of oil.
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