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Bounces

OIL

Crude futures are higher in Asia on Tuesday, bouncing after a sharp decline on Monday; WTI last up $0.73 from settlement levels at $59.38, while Brent is $0.69 higher at $62.86.

  • Markets look ahead to talks between the US and Iran regarding the status of the nuclear pact, which could potentially lay the ground for a resumption of oil exports from Iran. However, comments from both sides have not been encouraging and chances of a deal at the meeting are seen as slim.
  • Headwinds could oil could manifest as demand concerns; India has reported over 100,000 cases a day and imposed lockdown measures on Mumbai and other areas, while Chile has also closed its borders amid ongoing lockdowns in several European countries.
Energy BulletsCommodities
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