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US and Iran may hold peace talks, oil prices rapidly decline (Jin10 Data APP)
Tamas Varga of oil brokerage PVM said that while the fundamental backdrop remains favorable, traders are closing out long positions ahead of a very unpredictable weekend and will reposition on Sunday evening based on developments in the Iran situation.
Haitong Futures said in a report that if there is no progress in peace talks by the end of April and fighting resumes, oil prices could climb to new highs this year.
Susannah Streeter, chief investment strategist at UK investment services firm Wealth Club, said that because key transport in the region remains blocked, there will be new economic pain ahead.
This will keep the prices of a large number of commodities at high levels. (Jin Shi) (Source: ODAILY)