This is an interesting development that suggests that the US-Russia geopolitical relationship is about more than just Ukraine at the moment.

A Russian report citing the Kremlin says Putin has agreed to mediate between the US and Iran. If anything, some kind of US-Iran deal would be a further negative for oil. WTI crude has steadied a bit from the lows today, climbing about 80-cents. WTI crude is still down 95-cents to $67.42 today.

This article was written by Adam Button at www.forexlive.com.