Energy Preview: Crude oil prices extend downside near multi-month lows

Crude oil futures are trading lower this morning, extending downside amid signs of progress in US and Iran peace talks. As per media reports, Washington granted Iran a 60-day license to sell oil on international markets, raising expectations of a quicker recovery in global supply. Furthermore, the US Treasury Department announced a temporary easing of sanctions on Iranian crude exports, which acts as a headwind for oil prices. Moreover, dollar staying strong amid hawkish Fed is further adding pressure on the counter that is currently quoting at $73.65 per barrel, down 023% on the day, near a three and half month low.

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