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Crude at New Highs as Iran Optimism Fades

COMMODITIES
  • WTI and Brent crude futures topped out at new cycle highs Friday, reversing all the losses posted late Thursday as markets head into the final round of Iran negotiations with a dash of pessimism.
  • Hopes of steady progress earlier in the week have now succumbed to political pressure as diplomats look to tie up any accords ahead of the Iranian Presidential elections due on June 18th. The negotiators will be looking to make quick progress before priorities could change under a new administration.
  • As a result, oil erred bullishly Friday despite the stronger greenback, bumping near-term resistance levels higher to $72.70, the Oct 15, 2018 high, and $72.06, the 3.00 proj of Mar 23 - 30 - Apr 5 price swing.

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