Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
As the market turns its focus on tighter oil supplies from the Middle East amid heightened tensions surrounding Iran nuclear Agreement and Palestine Peace proposal and abundant oil supplies from the United States, the Brent-WTI spread has reached the highest level in 41 months, closing at $10.9 per barrel last week.
Our calculations, recently suggested that WTI crude is likely to decline towards $53 per barrel area from the current price of $64.6 per barrel, we do not see the Brent crude declining by that much. The OPEC agreement, Saudi Arabia’s desire to keep oil price higher, looming sanctions against Iran likely to keep the Brent crude supported relative to the WTI benchmark.
We expect the spread, which is currently at $9.8 per barrel to rise gradually and reach $15 per barrel area.
