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Oil Bounces, Eyes Iran Poll and Gulf Weather

COMMODITIES
  • Having underperformed following the more hawkish-than-expected Fed rate decision on Wednesday, both WTI and Brent crude futures bounced Friday, with traders eyeing the presidential election in Iran and inclement weather developing in the Gulf of Mexico.
  • This weekend's Iranian Presidential election results are expected to show a victory for Ebrahim Raisi, a more hardline leader relative to outgoing Rouhani. Markets are attempting to gauge the ramifications for any Iranian nuclear deal, with Axios reporting that the US is looking to secure a deal ahead of the new President's inauguration.
  • Spot gold was broadly unchanged ahead of the close, holding above the Thursday low of $1767.3. The week's decline has been sizeable, with the weekly candle looking troubling for bulls. $1756.2 marks first support ahead of Fib support at $1733.5.
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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