WTI eases-off 2.5-year highs after Iran says outline agreed with US to lift energy sanctions

Dhwani Mehta FXStreet

WTI briefly paused its ongoing uptrend and pulled back slightly from two-and-half-year highs of $72.69 after Iran announced that it has reached a broad agreement with the US over the lifting of the energy sanctions.

Saeed Khatibzadeh, a spokesman for Iran’s Foreign Ministry, said: “Some minute technical, political, legal and practical issues remain.”

“No task was impossible for negotiators” and there’s no impasse, he added.

This comes amidst ongoing nuclear deal talks between the world powers. On Saturday, Iran’s lead envoy in Vienna, Abbas Araghchi, said a deal was unlikely before presidential elections in his country this Friday.

Despite the latest downtick, the US oil remains on a winning streak for the third straight day this Monday, underpinned by the global economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate.

Meanwhile, an upbeat monthly report from the International Energy Agency (IEA), citing that “global oil demand should surpass pre-covid levels by end of 2022,” also renders positive for the black gold.

At the press time, WTI is adding 0.83% on the day, trading at $71.50. The bulls look to conquer the $72 barrier. Markets will continue to eye fresh updates from Iran and the US on the lifting of the sanctions, as it would offer hints on when the OPEC member will be able to resume crude exports.

WTI: Technical levels to watch

WTI

Overview
Today last price	71.46
Today Daily Change	0.62
Today Daily Change %	0.88
Today daily open	70.58

Trends
Daily SMA20	67.12
Daily SMA50	64.54
Daily SMA100	62.16
Daily SMA200	52.86

Levels
Previous Daily High	70.93
Previous Daily Low	69.51
Previous Weekly High	70.93
Previous Weekly Low	68.35
Previous Monthly High	67.42
Previous Monthly Low	61.53
Daily Fibonacci 38.2%	70.38
Daily Fibonacci 61.8%	70.05
Daily Pivot Point S1	69.75
Daily Pivot Point S2	68.92
Daily Pivot Point S3	68.33
Daily Pivot Point R1	71.17
Daily Pivot Point R2	71.76
Daily Pivot Point R3	72.59

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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