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WTI, Brent Circling Below Cycle Highs

COMMODITIES
  • Both Brent and WTI crude benchmarks are higher ahead of Tuesday's NYMEX open, although both contracts hold just below the cycle highs printed earlier in the week.
  • Oil benchmarks are facing further mixed messages out of Iran as the self-imposed deadline for nuclear talks looms large. Reports that Iran have produced over 100kg of 20% enriched uranium will have been a cause for concern, directly running against US sanctions agreements and lessening the likelihood of a return to international energy markets for Iranian crude supply. In contrast, one of the more moderate candidates for this weekend's Presidential election has urged closer ties with the West, a sure signal that a centrist victory in Iran would lead to more sanctions adherence.
  • Brent directional parameters are as follows: $74.00/bbl psychological resistance and the $70.51/bbl 20-day EMA as support.
Energy BulletsCommodities
Energy BulletsCommodities

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