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Oil Hits Reverse, Vienna Meeting in Focus

COMMODITIES
  • WTI and Brent crude futures slid sharply Monday, with both benchmarks dropping close to 4% despite the faltering greenback in currency space.
  • Energy markets look ahead to this week's meeting in Vienna of Iran, the EU and US, at which the three groups look to re-examine the nuclear deal with Iran. A positive outcome between the three parties could lead to Iranian supply coming back onto the market in the coming months.
  • WTI crude's pullback sees markets dip back below the 50-dma at $60.03 (a level that continues to draw focus as prices oscillate either side) and exposes support at the March lows of $57.25. A slip and close below here would materially weaken the outlook.
  • Silver and gold were largely non-directional, despite a weak USD back drop.
Energy BulletsCommodities
Energy BulletsCommodities

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