Crude Oil Prices Retreated as Iran Refuses to Join Output Freeze

Crude oil prices retreated on profit-taking, following rally over the past few weeks. News that Iran would not join output freeze had weighed on prices. The front-month WTI contract fell -3.43% while the Brent contract was down -2.13%. Commodity currencies also fell accordingly. For instance, Aussie dropped -1.19% while kiwi was down -0.66%.

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