Crude slips as Iran’s Rohani pushes for openness

Iranian president-elect Hassan Rohani said today that his new government would interact with other countries through moderation, signalling the potential for future easing in sanctions that restrict its oil exports.

US crude oil futures were down around 0.3% late in the New York floor trading session, as market participants mulled over the day’s economic data and comments from Iran’s president-elect suggested a new era of openness may begin after his inauguration in August.

‘We are ready to show greater transparency and make clear for the whole world that the steps of the Islamic Republic of Iran are completely within international frameworks,’ he said.

A dispute with the US and the EU over Iran’s nuclear programme led last year to strict sanctions being raised against Iran, which have hampered oil exports and held back the country’s economy.

The Empire State manufacturing report, produced by the New York Fed from a survey of manufacturers in New York State, showed an upbeat response from respondents in the general business conditions index, which climbed to 7.84 in June, but there was widespread softness in key sub-indices, including new orders, which fell for a second straight month, and shipments.

Such indications of manufacturing weakness suggest the Fed is likely to be cautious about reducing stimulus, but also paint a picture of weak demand, which is not supportive for the price of crude.

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