- France willing to amend the Iranian deal with the US.
- Oil traders are relieved that the Iranian deal issue is getting fixed before May 12.
The crude oil WTI benchmark is trading at around $68.20 per barrel down 1.07% on Tuesday as it has been reported that the US and France are willing to reach an agreement to keep the Iranian deal on the table.
"We understand each other, and we'll see how that comes out. We could have at least an agreement among ourselves fairly quickly. I think we're fairly close to understanding each other, and I think our meeting, our one-on-one went very, very well," said President Donald Trump.
The Iranian deal is an agreement which was reached in 2015 between Iran and six other countries that put limits on Iran's nuclear program in exchange for sanctions relief.
Trump is known to strongly disagree with the current terms of the deal and was ready to withdraw from the deal if France, the UK and Germany were not willing to toughen the terms of the deal.
Traders were worried that the Iranian deal issue would not be solved before May 12, but the positive news that France is discussing with the US makes oil traders less anxious about supply disruptions with Iran.
Crude oil technical outlook.
Support is seen at 67.30 demand level and 65.42 swing low. Resistance is seen at 68.50 supply level and at 69.56 high of the year.
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