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Oil settles return where it started after going for a ride

Forex, video, latest June 11, 2021 2:01 am

WTI settles at $70.29

It’s another day of settlement above $70, also that’s going to offer oil companies some major cashflows.

WTI ended a day up $0.29 to $70.23. It fell as low as $68.68 on Iran sanctions headlines but a market quickly concluded that 1) this didn’t signal a nuclear deal, or 2) a deal is priced inside

I’m torn. I think a deal is coming next week also it should become priced inside but there has clearly been some snags inside a past three weeks coinciding with a rally from $62.

WTI settles at $70.29

Where do I stand? Today’s price action shows to me that a deal isn’t priced inside also if Iran can really get production return inside three months, us could see $66 before $72.
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