WTI crude oil was down 0.64% on Thursday. The declines came despite rising tensions surrounding Iran. The Iranian regime announced that it would partially withdraw from the nuclear treaty. The remaining parties, including Germany and the UK, rejected the threats leading to a stalemate.
Will Oil Push Higher?
Crude oil prices have managed to post a modest recovery from Thursday’s declines. Price is currently trading just below the 62.85 level of resistance. Therefore, it is likely that we could see prices testing the resistance level more firmly before reversing course. In the near term, we expect oil to maintain its range within 62.85 resistance and 60.33 support.
