Oil prices fall as Iran nuclear deal proceeds

Commodities market

Oil prices fell slightly on Tuesday due to the latest progress in last-ditch talks to resurrect the 2015 Iran nuclear deal, which would pave the way for the country to increase crude exports in a tight market.

Brent crude futures fell 14 cents, or 0.1%, to $96.51 per barrel at 0404 GMT, reversing a 1.8% gain the previous session.

West Texas Intermediate (WTI) crude futures in the United States fell 16 cents, or 0.2%, to $90.60 per barrel after rising 2% the previous session.

Key tickers:

Brent: 95.82 — strong sell.

WTI: 89.97 — sell.

NG: 7.637 — strong sell.

Foreign exchange market

On Tuesday, the dollar hovered just below recent highs as traders awaited U.S. inflation data due later this week, wary of a surprise that could pile more upward pressure on interest rates.

The data is expected to be released on Wednesday, and the anticipation will likely keep things calm until then.

The Australian and New Zealand dollars rose overnight and remained steady in Asia's pre-CPI calm. The Australian dollar was up at $0.6974. The kiwi followed suit at $0.6281, leaving both currencies just above their 50-day moving averages.

Key tickers:

EUR/CAD: 1.3133 — strong buy.

EUR/USD: 1.0208 — strong buy.

USD/JPY: 134.94 — strong buy.

USD/CAD: 1.2865 — neutral.

GBP/USD: 1.2081 — strong sell.

Metals

Gold prices held onto recent gains on Tuesday as stock market volatility ahead of a closely watched US inflation figure this week boosted safe-haven demand.

As of 2150 ET (0151 GMT), spot gold was slightly lower at $1,785 per ounce, while gold futures were hovering around $1,801. Both instruments gained nearly 1% on Monday as the dollar fell due to uncertainty about upcoming US CPI inflation data.

Other precious metals have also maintained their recent gains. Platinum futures fell 0.1 percent after rallying 1.7 percent on Monday, while silver futures fell 0.4 percent after rallying nearly 5 percent.

Key tickers:

XAU/USD: 1784.80 — sell.

XAG/USD: 20.594 — neutral.

XPT/USD: 937.60 — neutral.

XPD/USD: 2198.64 — sell.

Crypto market

Bitcoin price briefly broke through the USD 24,000 resistance level before retreating. BTC is currently trading near USD 23,800 (04:01 UTC) and is up more than 2% in a day and a week.

Similarly, most major altcoins are trading in a range and looking for more gains. If there is a clear move above the USD 1,800 level, ETH could accelerate.

Key tickers:

BTC: $23,853.7 — neutral.

ETH: $1,780.78 — strong buy.

Neo: $11.6600 — strong buy.

Zcash: $77.60 — strong buy.

Stock market

European stock markets are expected to open slightly lower on Tuesday as investors remain cautious ahead of key US inflation data and rising geopolitical tensions.

At 02:00 AM ET (0600 GMT), the DAX futures contract was down 0.3 percent, the CAC 40 futures contract was down 0.1 percent, and the FTSE 100 futures contract was down 0.2 percent.

Key tickers:

• indexes

S&P 500: 4,140.06 — neutral.

Nasdaq 100 (NDX): 13,159.16 — neutral.

Dow Jones Futures: 32,824.00 — neutral.

DAX: 13,629.78 — neutral.

• Shares

Apple #APPLE: 164.70 — sell.

Amazon #AMAZON: 139.41 — sell.

Tesla #TESLA: 871.27 — strong sell.

Meta Platforms Inc #FACEBOOK: 170.25 — buy.