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WTI Unable to Sustain Gains Above $68

COMMODITIES
  • Both WTI and Brent crude futures were better bid Tuesday, with markets focusing on drifting odds of any nuclear deal being struck with Iran.
  • 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.
  • This helped boost WTI to trade at $68.87/bbl, but markets were unable to sustain the rally, with prices edging lower into the close and briefly back below $67.50/bbl.
  • OPEC headlines drove markets lower, with the monthly meeting committing to higher output in July, but stopped short of any pre-commitments beyond that.
Energy BulletsCommodities
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