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10 Apr 2015
WTI flattish above USD 50, eyes on Iran
FXStreet (Mumbai) - WTI oil futures on the Nymex remain near lows holding mild losses in the European morning, extending its descent for the third day in a row, with traders waiting for more comments on Iran's nuclear program.
WTI supported above USD 50/ barrel
Currently, WTI trades nearly -0.30% lower at 50.66 levels, hovering near lows reached at 50.60 levels. Crude prices treads water awaiting fresh cues from Iran, albeit an impasse on the Iranian nuclear negotiations underpin prices. Oil prices, however may remain pressured given the recent strength in the US dollar across the board.
In the prior session, Iran's Supreme Leader Ayatollah Ali Khamenei said that there was "no guarantee" of a final deal on the country's nuclear program as he demanded all sanctions on Iran to be lifted immediately on June 30 when the final deal is agreed, while the US wants sanctions to be removed only gradually.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 52.24 levels above which gains could be extended to 54 levels. Meanwhile, support is seen at 50 levels from here losses could be extended to 48.73 levels.
WTI supported above USD 50/ barrel
Currently, WTI trades nearly -0.30% lower at 50.66 levels, hovering near lows reached at 50.60 levels. Crude prices treads water awaiting fresh cues from Iran, albeit an impasse on the Iranian nuclear negotiations underpin prices. Oil prices, however may remain pressured given the recent strength in the US dollar across the board.
In the prior session, Iran's Supreme Leader Ayatollah Ali Khamenei said that there was "no guarantee" of a final deal on the country's nuclear program as he demanded all sanctions on Iran to be lifted immediately on June 30 when the final deal is agreed, while the US wants sanctions to be removed only gradually.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 52.24 levels above which gains could be extended to 54 levels. Meanwhile, support is seen at 50 levels from here losses could be extended to 48.73 levels.