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


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

 

 

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