WTI moves sideways near $66 ahead of EIA data

Crude oil stays in a consolidation phase on Wednesday.
Iranian oil supply prospects continue to limit oil's gains.
Investors await EIA's Weekly Crude Oil Stocks Change data.

Eren Sengezer FXStreet

Following Monday's rally, crude oil prices are moving sideways in a tight range for the second straight day on Wednesday. As of writing, the barrel of West Texas Intermediate (WTI) was virtually unchanged on the day at $65.92.

Eyes on US-Iran nuclear talks

The ongoing global economic recovery keeps hopes for a steady rebound in energy demand alive and doesn't allow crude oil to edge lower.

On the other hand, investors seem to be pricing the possibility of additional Iranian oil supply entering into the market if the US and Iran manage to come up with a nuclear deal that would pave the way for the US to lift sanctions. According to Reuters, Iran's government spokesman Ali Rabiei noted that they were optimistic about reaching a deal but Iran's top negotiator acknowledged that serious issues remained in talks.

Later in the day, the US Energy Information Administration (EIA) will release its Weekly Crude Oil Stocks Change data.

Technical levels to watch for

WTI

Overview
Today last price	65.83
Today Daily Change	-0.09
Today Daily Change %	-0.14
Today daily open	65.92

Trends
Daily SMA20	64.76
Daily SMA50	62.58
Daily SMA100	60.05
Daily SMA200	51.19

Levels
Previous Daily High	66.42
Previous Daily Low	65.33
Previous Weekly High	67
Previous Weekly Low	61.53
Previous Monthly High	65.4
Previous Monthly Low	57.66
Daily Fibonacci 38.2%	65.75
Daily Fibonacci 61.8%	66
Daily Pivot Point S1	65.36
Daily Pivot Point S2	64.8
Daily Pivot Point S3	64.27
Daily Pivot Point R1	66.45
Daily Pivot Point R2	66.98
Daily Pivot Point R3	67.54

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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