On Tuesday morning, crude oil prices rose by more than 1.5% and OIL.WTI reached the highest levels this year. OIL lags slightly behind, but is also close to establishing new local highs. The upward move can be linked to today's OPEC + meeting, where agreement may be reached regarding the volume of "black gold" extraction in July. However, unofficial reports indicate that the group may withhold this decision due to concerns regarding Iran and the nuclear deal that will determine whether Iranian oil will hit the market.
Looking at the OIL.WTI chart, the price broke the resistance zone at $ 66.4 after several attempts. If the current sentiment, the next resistance can be determined by measuring the range of the recent correction. Fibonacci external retracements of 127.2% and 161.8% may be the nearest targets for the market bulls. In turn, the aforementioned zone at $ 66.40 remains a key support in the short term.
OIL WTI interval H4. Source: xStation5
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