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Oil On The Up as Iran Deal Kicked Into Long Grass

COMMODITIES
  • WTI crude futures cleared the 2021 highs early Tuesday, trading at the best levels since 2018 as markets priced in a more protracted period of negotiations that could stall Iran's re-entry to international oil markets.
  • Late Monday, IAEA inspectors circulated a number of written reports suggesting Iran were far less willing to address their nuclear programme than initially believed - thereby dropping the likelihood of a near term supply deal with Tehran.
  • Next resistance for WTI rests at $67.95/bbl, the Oct 29, 2018 high, while Brent eyes the 2021 best level of $71.38/bbl.

Energy BulletsCommodities
Energy BulletsCommodities

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