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Oil Dips Ahead Of Iran Nuclear Negotiations

  • Crude oil prices fell back after a bullish run as Iran nuclear negotiations are set to return to Vienna tomorrow following the Biden Administration on Friday waiving some sanctions, with the potential to ultimately see increased oil supply.
  • WTI is -1% at $91.4, still some way above support of $90.07 (Feb 4 low) and then $86.34 (Jan 31 low) after its bullish price sequence. Resistance is seen at $93.17 (Feb 4 high).
  • Brent is -0.5% at $92.76 having pulled back from an intraday high of $94 but still above initial support of $91.2 (Feb 4 low).
  • Gold has increased +0.7% to $1821.6 after a subdued end to last week, seemingly on Russia-Ukraine tensions. It earlier cleared initial resistance at $1822.2 (Jan 27 high) before retracing and sits comfortably above support of $1780.4, the Jan 28 low and bear trigger.

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