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Oil Testing Cycle Highs as Vienna Talks Drag On

COMMODITIES
  • Macro drivers remained unchanged for WTI and Brent crude futures, with both benchmarks trading firmly as negotiations with Iran are expected to slide into Thursday. Markets expect little material outcome from the discussions, with Tehran's lack of compliance with nuclear curbs likely hindering any near-term oil supply deal. This keeps first key resistance unchanged for WTI at this week's high of $68.87.
  • Gold and silver traded at the whim of the US dollar Wednesday, with initial greenback strength weighing on precious metals prices throughout the European morning. This price action swiftly reversed, with waves of USD sales in US hours helping boost both metals back into positive territory ahead of the close.
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