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Crude Oil Gains as US Plans Sanctions Against Iran

Summary:
Prices for crude rose today after the United States signaled that it is planning to implement additional sanctions against Iran. While market breathed a sigh of relief because no military actions are planned, it still means potentially much lower supply from the Middle Eastern country. Another supporting factor for the commodity remained the meeting between the US and Chinese leaders on the G20 summit this week. Traders hope that the two world’s biggest economies will be able to reach a compromise, avoiding a trade war. And on top of that, markets still expect the OPEC+ production cut deal will be prolonged till at least the end of the year. Futures for delivery of WTI crude oil in August gained 0.75% to .86 per barrel as of 10:29 GMT on NYMEX today. Brent crude edged up 0.15% to .30

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Prices for crude rose today after the United States signaled that it is planning to implement additional sanctions against Iran. While market breathed a sigh of relief because no military actions are planned, it still means potentially much lower supply from the Middle Eastern country. Another supporting factor for the commodity remained the meeting between the US and Chinese leaders on the G20 summit this week. Traders hope that the two world’s biggest economies will be able to reach a compromise, avoiding a trade war. And on top of that, markets still expect the OPEC+ production cut deal will be prolonged till at least the end of the year.

Futures for delivery of WTI crude oil in August gained 0.75% to $57.86 per barrel as of 10:29 GMT on NYMEX today. Brent crude edged up 0.15% to $65.30 per barrel on ICE.


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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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