Oil futures fell May 20 on news that the US and Iran had reached a “main agreement” to reinstate the nuclear deal. NYMEX June crude settled at $62.05/b, down $1.31, while ICE July Brent settled at $65.11/b, down $1.55. Refined products also fell, with NYMEX June RBOB settling 5.48 cents lower at $2.0472/gal and June ULSD settling 4.27 cents lower at $1.9644/gal. “The main issues, oil sanctions, petrochemical sanctions, shipping sanctions, insurance and so on and so forth, Central Bank and banks … have been wrapped up,” Iranian President Hassan Rouhani said on state television, referring to discussions with the US on the status of the nuclear deal, with the current agreement between Iran and the UN on monitoring nuclear activities set to expire May 21. FACTBOX: Iran readies for oil sanctions relief, […]