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Oil prices trade mixed on Iran news

Oil futures are back from Christmas holiday not in the best mood (trading in ICE oil futures was offline on Christmas eve, December 24). Today Brent is up 0.05% at $76.18/bbl, while WTI is down 1.18% at $72.93/bbl.

Nuclear talks between Iran and the US resumed today. There was some conflicting news about the previous round of negotiations. According to some reports, the talks are being dragged out due to the unworkable demands Iran has made, while Iran has made optimistic statements that an agreement can still be reached with the United States on lifting the sanctions. The market apparently views these reports as alarming.

As part of brief correction, Brent could temporarily drop to $75/bbl today. Furthermore, given that volumes are thin ahead of the New Year, prices could fluctuate with the range of $74.5-76/bbl.

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