FXStreet (Mumbai) – Oil benchmarks on both sides of the Atlantic extends the bearish run on Tuesday as the deal over Iran’s nuclear program now looks imminent and markets remain on the edge awaiting the final outcome.
Iran talks outcome in focus
Currently, both Brent and WTI trade over 1% lower at 57.62 and 51.48 respectively. Oil prices extend losses as traders eagerly await for the announcement of the Iranian nuclear deal which could be out any moment.
A Reuters reported, talks in Vienna between Tehran and six world powers over Iran’s nuclear deal could be concluded in a few hours.
The Iran-West deal would lead to lifting Western economic sanctions against the country, with more Iranian oil due to worsen the current global supply glut and that is likely to hit prices.
Meanwhile, the American Petroleum Institute (API) is due to report its weekly stockpiles data later in the day, with the Energy Information Administration (EIA) figures due to come on Wednesday, with markets estimating a 2.75 billion drop.
WTI Oil Technical Levels
WTI oil has an immediate resistance which stands at 52.26 levels above which gains could be extended to 52.96 levels. Meanwhile, support is seen at 50.76 levels from here losses could be extended to 50 levels.
(Market News Provided by FXstreet)