Oil shrugs off Iran deal

A preliminary deal between Iran and the West saw oil prices fall sharply early this week, but they quickly rebounded as it became apparent that the return of Iranian oil exports would be delayed until at least next year. The March FOMC minutes, published on Wednesday, showed that officials were split on whether to begin hiking interest rates in June or to hold off until later in the year, which undermined sentiment towards gold. However, weaker US data released since that meeting, such as the March payrolls number, suggest that the Fed may keep rates on hold for longer. Meanwhile, lead prices rose sharply owing to a massive drawdown of LME stocks.