WTI edges higher above $ 58, Iran talks in focus

FXStreet (Mumbai) – WTI oil futures on the Nymex stalled its bearish bias and turned in the positive territory in the European session, as traders moved past Greece and now focus on the API stock piles report while stronger greenback limits the upside.

WTI eyes Iran negotiations

Currently, WTI trades 0.52% higher at 58.63, bouncing-off a brief dip below 58 levels. Oil prices inches higher as traders continue to monitor Iran nuclear talks.

Iran and six world’s powers are still discussing ways on how to curb Tehran’s nuclear program. Sealing a deal would remove economic sanctions against Iran, which could lead to more crude oil hitting the already oversupplied market.

Officials said that Vienna nuclear talks would continue past Tuesday’s deadline for a comprehensive agreement.

In the meantime, traders will keep an eye on the weekly stockpiles report from both the API and EIA. For EIA data, the market consensus betting for about a 2.5 million barrels fall, but data for gasoline stocks and oil production will be in focus as well.

WTI Technical Levels

WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 60.63 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 57.21 levels.

WTI oil futures on the Nymex stalled its bearish bias and turned in the positive territory in the European session, as traders moved past Greece and now focus on the API stock piles report while stronger greenback limits the upside.

(Market News Provided by FXstreet)