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Crude Little Changed as Iranian Election Goes Alongside Expectations

COMMODITIES
  • WTI and Brent crude futures trade largely in line with last week's range, with the weekend's Iranian Presidential election results largely inline with expectations. This leaves diplomats negotiating the nuclear deal looking to a seventh round of discussions with Tehran after the new President-elect Raisi reaffirmed their intention to seek the removal of sanctions.
  • This leaves directional parameters for WTI unchanged at last week's cycle high of $72.99/bbl.
  • In precious metals space, gold and silver both trade higher, with a modest pullback in the dollar helping relieve some of the downside pressure evident in recent sessions. Gold support undercuts at $1761.1 Jun 18 low, while first resistance crosses at $1825.4.
Energy BulletsCommodities
Energy BulletsCommodities

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