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Canada Commodities: Oil Prices Rise as Iran Rejects Talks to Extend the MoU With the US

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Oil prices were higher Monday morning as Iran rejected talks to extend the June 17 memorandum of understanding with the United States.

West Texas Intermediate September crude oil futures, the US benchmark, advanced 0.3% to $82.67 per barrel. October Brent oil futures, the international benchmark, climbed 0.6% to $89.05 a barrel for October delivery.

The U.S. and Iran agreed to a two-month memorandum of understanding on June 17 that was supposed to open the Strait of Hormuz by August 17.

Comex gold for December delivery edged up 0.2% to $4,446 an ounce.

In agricultural commodities, December wheat futures edged down 0.8% to $6.84 per bushel. November canola futures fell 0.2% to C$817.60 per tonne.

Canadian inflation came in as expected in July. Headline inflation rose to 3% year over year from 2.8% annualized in June. The increase is "not surprising given the rebound in gas prices in the month as U.S.-Iran tension flared up again. That should prove short-lived, however, as prices at the pump have since backed down through the first half of August," wrote BMO Senior Economist Robert Kavcic in a note today.

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