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Oil Knocked Off Cycle Highs as US Lift Sanctions Targeting Iranian Oil Officials

COMMODITIES
  • WTI and Brent crude futures gave up the day's gains and rolled well off the recent cycle high as wires reported that the US have lifted sanctions targeting Iranian oil officials.
  • This unexpected diplomatic progress comes ahead of the next round of IAEA negotiations with Tehran in Vienna next week, with both sides cautious, but optimistic about progress that could lead Iran to re-access global oil markets.
  • WTI shed over $1/bbl on the news, taking out the overnight low and narrowing the gap with next support at the Jun 4th low of $68.33/bbl.
  • Precious metals saw support on the back of a higher-than-expected CPI print, with gold living up to its reputation as an inflation hedge. Next resistance for the yellow metal crosses at Wednesday's $1899.0 and the $1900 psychological level.
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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