- Improved market sentiment boosts oil.
- WTI remains above the recent low.
The prices of Petroleum they operate without major changes on Tuesday. The price of a barrel of WTI (spot on platforms) stands at $88.90, after having reached $90.00.
The financial markets do not show significant variations on Tuesday. Oil prices recover but remain close to recent low. Attention at this time is focused on the expectation of an agreement between the US and Iran on crude oil exports, which if it materializes would be a support for supply and a downward factor for the price.
Regarding economic data, Tuesday saw a higher-than-expected rise in US industrial production in June and a drop in housing starts.
Looking at $87.00
The price of a barrel managed to return to about $87.00. In the event of a clearly lower close, it would be breaking the August low, reaching its lowest since February and setting itself up for a bearish extension. The next strong support can be seen around $84.00.
Should it hold above $87.00, the prospects for a rebound will still be there. Immediate resistance is at $90.00, followed by 94.40, the recent high and where the 200-day moving average is passing.
Technical levels
Source: Fx Street
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