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Oil Rolls Off Highs as Iran Progress Seen

COMMODITIES
  • Both WTI and Brent crude futures struck fresh cycle highs Wednesday, with WTI touching $70.62, while Brent hit $72.87 ahead of the close. Markets were inclined to take profits from there, with headlines suggesting progress had been made between Iran and US diplomats.
  • While oil matters were yet to be fully resolved, markets now look ahead to the next round of negotiations in Vienna due to kick off next week. On the supply front, Iran have already flagged that full supply could be put back online within a month should sanctions be removed.
  • Gold and silver were mixed, with gold flagging ahead of $1900/oz resistance, while silver managed to benefit despite a rebound in the greenback ahead of the close.

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