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Crude Hits Reverse as Iran Come Back to Negotiating Table

COMMODITIES
  • WTI and Brent crude futures traded lower Wednesday, showing through the Monday and Tuesday lows as markets dipped after Iran announced a return to the negotiating table, an effective resumption of nuclear talks with Western powers that could unlock Iranian crude supply to the still toppy market.
  • Downside in crude was compounded by a sizeable build in US crude inventories, with the DoE tracking a build of over 4.2mln bbls relative to expectations of just 1.5mln.
  • Despite the turn lower, the broader outlook remains bullish, but markets remain cognizant of firm short-term support defined at $80.78, Oct 20 low, which represents a key near-term level.
  • Gold maintains a positive short-term tone despite Tuesday's pullback and remains above the 50-day EMA. The yellow metal recently cleared resistance at $1800.6, Oct 14 high and this highlights a short-term bullish theme. Further gains would open $1834.0, the Sep 3 high. On the downside, a key short-term support has been defined at $1760.4, the Oct 18 low.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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