OIL gains 1.3% above $70 fuelled by US - Iran tensions and Russia's remarks 📈

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Oil prices rebounded slightly today, gaining nearly 1.5% after reaching a local low of $68 per barrel. This week, OPEC+ confirmed that it will gradually return 2.2 million barrels per day to the market, starting in April. However, the market is reacting to two major factors driving the rebound.

First, traders are betting on a potential supply disruption from Iran due to U.S. sanctions aimed at restricting Iranian oil export and economy.
Additionally, Russia's Deputy Prime Minister Alexander Novak stated that OPEC+ may reconsider its planned output increase after April if necessary.
Furthermore, WTI crude may be particularly vulnerable to U.S.-Canada trade tensions, as major Canadian pipelines have reported lower oil transport volumes to U.S. refineries, potentially tightening supply in the U.S. market.
At the same time, a key driver of falling oil prices has been a weaker U.S. dollar, mixed economic signals from China and the EU, and a decline in U.S. macroeconomic indicators, which suggest weakening consumption and sentiment.

OIL charts (D1 interval)

Oil rebounds above $70 level today, after re-testing recent local lows. During last 5 sessions, we saw a rising selling volume, which triggered the sell-off below $70 zone.

Source: xStation5

Source: xStation5

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