The price of WTI crude oil futures are settling at $71.29. That’s a down $1.24 or 1.71%.
The price action has been volatile with a sharp move down to $69.03 on a report from Middle East Eye suggests the US and Iran are nearing a temporary deal on nuclear enrichment and oil exports. Headlines said:
- Talks have occurred directly on US soil between the US Iran negotiator, Robert Malley, and Iran’s ambassador to the US, although it’s unclear if senior officials support the deal.
- The proposed interim deal could allow Iran to export up to 1 million barrels per day and gain access to frozen funds abroad, despite traditional opposition to such agreements by Iranian leaders.
The White House later denied reports of a deal that would ease sanctions. That did help to rebound higher. Adding to the anxiety is higher US jobless claims and Germany’s technical recession with two consecutive quarters of negative growth.
Looking at the hourly chart, the price tumble saw the price move below the 200-hour MA at $71.30 but has since returned back to that MA level. The 100-hour MA at $72.07 is another upside target that would need to be broken, to increase the bullish bias. Stay below is more bearish at least in the short term.
Crude oil is back between 100/200 hour MAs