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Crude futures moved lower on Monday, amid a stronger dollar supported by a preliminary Greek bailout deal and further delays in Iranian nuclear talks. On Monday afternoon, Iran foreign minister Mohammad Javad Zarif told the Iranian News Agency that no deal will be reached on a comprehensive nuclear deal before the expiration of a midnight deadline. Over the last two weeks, Iran and a group of six western powers have extended the deadline on a final agreement three separate times amid sticking points on the easing of missile, political and economic sanctions against the Gulf state.
GOLD
Gold prices reversed gains on Monday, after European leaders reached a deal over a third bailout for Greece, easing fears over a Greek exit from the eurozone. Greece accepted a series of strict measures demanded by its creditors in exchange for a third bailout deal. The Greek parliament must approve a package of reforms on Monday and then pass several pieces of legislation by Wednesday, including on pensions reform and a new sales tax regime, before the eurozone will agree to negotiate a new three-year rescue package.
