WTI extends the daily upside, near $59.50

FXStreet (Edinburgh) – The barrel of West Texas Intermediate is picking up further pace now, climbing to session tops around $59.50.

WTI firmer on Iran talks

The buying interest around crude oil remains firm despite the stronger US dollar today, boosted after Iran and the Western powers postponed today’s initial deadline for July 7th.

Despite today’s bull run, market participants remain worry that a lift of the current Iranian sanctions could see its output boosted, adding to the ongoing global supply glut and thus limiting further the upside in prices.

WTI relevant levels

WTI is now advancing 1.63% at $59.31 facing the next hurdle at $61.83 (high Jun.2) followed by $61.91 (high Jun.11) and finally $62.22 (high Jun.10). On the downside, a break below $57.21 (low Jun.5) would expose $56.51 (low May 28) and then $56.07 (low Apr.28).

The barrel of West Texas Intermediate is picking up further pace now, climbing to session tops around $59.50…

(Market News Provided by FXstreet)