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- Initial risk on during the overnight session and early European hours spurred oil Benchmarks to print fresh recent highs.
- WTI breached $67 and Brent crude futures broke above $70, the highest level seen since 2018. Potential technical rejections could be to blame for the pullback, dragging the commodity complex into the red as New York sat down.
- However, the price action gained momentum throughout the US morning and headlines regarding the Iran nuclear Talks exacerbated the move lower:
- Initially, reports stemmed from Mikhail Ulyanov, Russia's representative at the United Nations' International Atomic Energy Agency, claiming a breakthrough in the talks. Oil initially extended losses on the report to fall as much as 3.1% in London, before regaining some ground as Ulyanov rebutted the claims.
- The senior Russian diplomat did however talk of significant progress being made. A return to the 2015 deal is likely to mean that the U.S. will reinstate sanctions waivers for purchases of Iranian crude, raising the prospect of more supply coming to the market. Both WTI and Brent sit down over 1% for Wednesday, approaching the close.
- Precious metals closed broadly unchanged on the day amid countering factors of the weaker dollar and the turnaround in commodities. We highlight our latest technical piece for bullion: https://marketnews.com/gold-bulls-continue-to-shine