WTI has briefly halted its ongoing uptrend and has retreated slightly from two-and-a-half-year highs of $ 72.69 after Iran announced that it has reached a broad agreement with the United States on lifting energy sanctions.
Saeed Khatibzadeh, a spokesman for Iran’s Foreign Ministry, said: “There remain some detailed technical, political, legal issues.”
“No task was impossible for the negotiators” and there is no impasse, he added.
This comes amid talks on the current nuclear deal between world powers. On Saturday, Iran’s top envoy in Vienna, Abbas Araghchi, said a deal was unlikely before presidential elections in his country on Friday.
Despite the latest setback, US oil remains on a winning streak for the third day in a row this Monday, supported by the global economic recovery and the outlook for fuel demand growth as vaccination campaigns accelerate in developed countries. .
Meanwhile, an upbeat monthly report from the International Energy Agency (IEA), citing that “global oil demand should exceed pre-crisis levels by the end of 2022,” is also positive for black gold.
At press time, WTI is up 0.81% on the day, trading at $ 71.15. The enlists are looking to conquer the $ 72 barrier. Markets will continue to wait for further updates from Iran and the United States on the lifting of sanctions.
WTI: Technical levels to watch
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