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WTI, Brent Grinds Higher Despite Iran Olive Branch

COMMODITIES
  • Having closed at the best level since 2018 on Tuesday, WTI and Brent crude futures are adding further to recent gains this morning, with WTI touching new cycle highs of $70.62/bbl and Brent hitting $72.83/bbl in overnight trade.
  • The upside in oil has extended this morning despite some signs of tangible progress and timelines for the possible return of Iran to the global oil market.
  • Reports this morning that ahead of the sixth round of IAEA negotiations with Iran, US diplomats are have appealed to Iran to accept a 'mutual return' to the nuclear agreement, according to Bloomberg.
  • In precious metals markets, both gold and silver are in minor negative territory, although both have traded inside the recent range so far Wednesday. This keeps technical parameters unchanged for now.
Energy BulletsCommodities
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