U.S. crude oil remains under pressure ahead of U.S.-Iran talks
Buying in U.S. WTI on dips toward support in the $86.50-$86.00 per barrel area helped trigger a rebound toward resistance near $95.00. As a result, prices have recovered after a significant correction, but they still show signs of volatility and instability.Ahead of upcoming talks between the United States and Iran, pressure on oil futures remains in place, and WTI bears are currently trying to break support in the $90.50-$90.00 area. The risks of a break below this zone and a further decline toward $86.50-$86.00 remain high.
WTI next move could largely depend on the outcome of the talks. Any progress toward easing tensions may contribute to further downside, potentially leading to a break below yesterday low and a move toward $81.50-$80.00. By contrast, an escalation in the Middle East could trigger a break above $95.00 and a rise toward the psychological $100.00 per barrel level.
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