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According to Russian news agency RIA, Iran and the EU are close to reaching an agreement that would allow Iran to sell its crude oil to the EU. With the initial reaction to this headline, the barrel of West Texas Intermediate edged lower and was last down 1.53% on the day at $61.55.

There might be a reaction from the U.S. if this news turns out to be true and we could see a fresh wave of flight-to-safety.