WTI crude extends losses ahead of U.S.-Iran talks
Ahead of another round of U.S.-Iran talks, US WTI crude prices remain under selling pressure. The upside was capped by resistance near $93.00 per barrel, from which the price declined to $85.00.
At the moment, the nearest resistance is seen around the $90.00 level. Fresh selling from there could lead to another test of support in the $87.50-$86.00 range.
The current decline in oil prices still appears to be corrective in nature, and this pullback may continue to offer buying opportunities. Only an improvement in the situation in the Middle East could trigger a more substantial drop in prices.
If the current resistance is broken, WTI may test the $91.00-$93.00 per barrel range.
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